Brexit: Statutory Instruments tracker

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This instrument uses powers under EUWA to amend the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019 and revoke the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) (No. 2) Regulations 2019 (the Previous Amending Regulations) in order to correct deficiencies in EU-derived data protection legislation as a result of the withdrawal of the UK from the EU.

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These Regulations bring into force the provisions of certain regulations which have been made under Part 1 of SAMLA 2018. In particular, these Regulations bring into force the sanctions regulations which establish sanctions regimes in relation to certain countries or thematic issues.

The purpose of this instrument is to ensure that the Challenges to Validity of EU Instruments (EU Exit) Regulations 2019 (SI 2019/673) (“the 2019 SI”) that was made before the enactment of the European Union (Withdrawal Agreement) Act 2020 (“WAA”) works coherently and effectively following the end of the Transition Period. This SI amends references from “exit day” to “IP completion day” in the 2019 SI to ensure it operates effectively and in accordance with the agreed policy.

This instrument is intended to ensure that the UK can operate an effective sanctions regime in relation to unauthorised drilling activities in the Eastern Mediterranean after the Transition Period ends on 31 December 2020.

The purpose of this instrument is to disapply EU law relating to State aid that is retained in the UK by the European Union (Withdrawal) Act 2018 (the Withdrawal Act). The overall effect is to ensure that EU State aid law does not form part of UK domestic law as retained EU law after the end of the transition period. This instrument does not affect the application of the State aid provisions in the Northern Ireland Protocol.

This instrument is intended to ensure that the UK can operate an effective sanctions regime in relation to the misappropriation of State funds after the Transition Period ends on 31 December 2020. When this instrument comes into force it will replace, with a similar effect, the separate EU misappropriations sanctions regimes relating to Tunisia, Egypt and Ukraine. The purpose of this sanctions regime is to deter, and provide accountability for, the misappropriation of State funds from a country outside the United Kingdom (UK).

The instrument makes technical repeals to redundant provisions within primary legislation arising from the European Union (Withdrawal) Act 2018 (EUWA). These are primarily repeals of amending provisions, in particular relating to the European Communities Act 1972, where EUWA has already provided for the repeal of the amended provisions. The purpose of the repeals in these Regulations is to tidy up the statute book and they have no substantive effect.

These Regulations bring into force the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/577) which have been made under section 1 of the Sanctions and Anti-Money Laundering Act 2018).

This instrument makes provisions inter alia, to address deficiencies in relation to retained EU law which has come into force since the Law Enforcement Regulations were made, and a further deficiency in existing retained EU law which has been identified.

This instrument implements CRDV which requires transposition by by 28 December 2020. The UK’s implementation of CRDV, through this instrument, creates a bespoke approval regime for holding companies, in line with Article 21a of CRDV. This instrument also transposes provisions in CRDV which specify that parent holding companies can be exempt from approval where specific conditions are met. Those conditions relate to the level of effective control over the group or its bank, investment firm or other financial institution subsidiaries. The instrument will not apply to non-systemic (FCA regulated) investment firms to whom the IFPR will apply (except where making consequential amendments to existing provisions).

This instrument is made under the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”) to make amendments and corrections to the Mali (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/705) and the Afghanistan (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/948).

This instrument sets out provisions allowing trade repositories to submit applications for registration by the FCA in advance of the end of the Transition Period (TP). This is to ensure that there is continuity of Securities Financing Transaction (“SFT”) reporting services after the end of the TP, and to ensure that counterparties of SFTs will be able to meet their reporting obligations. This instrument will also ensure that a temporary registration regime is in place, enabling TRs to apply for registration with the FCA before the end of the TP and will also ensure that a conversion regime is in place, which will allow TRs established in the UK before the end of the TP to convert their existing ESMA SFTR registration into a registration with the FCA.

This instrument implements BRRDII (Directive (EU) 2019/879). BRRDII updates the EU’s resolution policy and Minimum Requirements for Own Funds and Eligible Liabilities (“MREL”) framework. The instrument inter alia, amends the Banking Act 2009 (the principal primary legislation upon which the UK relies for compliance with its obligations under the BRRD. The instrument revokes retained direct EU legislation which is not applicable or is no longer required. It also addresses failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the EU.

The principal purpose of this instrument is to amend the Consumer Protection (Enforcement) (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/203) as a result of subsequent changes in the EU law and domestic law to which those Regulations relate. This instrument also amends other Exit Regulations in the consumer protection area, in connection with the Northern Ireland (NI) Protocol and to replace references to “exit day” with “IP completion day”.

The Regulations amend UK competition law to ensure that UK competition authorities can continue to support ongoing EU competition cases after the end of the Transition Period. The Regulations give powers to UK competition authorities to monitor and enforce transferred EU remedial requirements. The Regulations amend transitional and savings provisions made in earlier legislation, so that the UK’s competition system functions as intended at the end of the Transition Period.

This instrument is made under the European Union (Withdrawal Agreement) Act (WAA 2020) to make consequential amendments to financial services EU exit instruments previously made under the EUWA 2018. Specifically, this instrument will update references to “exit day” (31 January 2020) within substantive provisions of previous financial services EU exit instruments, where considered appropriate, so that they refer instead to the end of the Transition Period (“TP”). In the instrument itself, the term “IP completion day” is used, which is the defined term within the WAA 2020 for the end of the TP.

These Regulations amend the ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/466), the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/573) and the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/577) to include in those Regulations a number of amendments to primary and secondary legislation, consequential on the coming into force of the 2019 Regulations.

This instrument extends the South Sudan (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/438) as amended from time to time, to all British overseas territories (except Bermuda and Gibraltar which implement sanctions through their own domestic legislation) with the modifications required to enable implementation and enforcement of the sanctions regime by the authorities in those territories.

This instrument extends the Central African Republic (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/616) as amended from time to time, to all British overseas territories (except Bermuda and Gibraltar which implement sanctions through their own domestic legislation) with the modifications required to enable implementation and enforcement of the sanctions regime by the authorities in those territories.

This instrument extends the Somalia (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/642) as amended from time to time, to all British overseas territories (except Bermuda and Gibraltar which implement sanctions through their own domestic legislation) with the modifications required to enable implementation and enforcement of the sanctions regime by the authorities in those territories.

This instrument extends the Lebanon (Sanctions) (Assassination of Rafiq Hariri and others) (EU Exit) Regulations 2020 (S.I. 2020/617) as amended from time to time, to all British overseas territories (except Bermuda and Gibraltar which implement sanctions through their own domestic legislation) with the modifications required to enable implementation and enforcement of the sanctions regime by the authorities in those territories.

This instrument extends the Democratic Republic of the Congo (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/433)as amended from time to time, to all British overseas territories (except Bermuda and Gibraltar which implement sanctions through their own domestic legislation) with the modifications required to enable implementation and enforcement of the sanctions regime by the authorities in those territories.

This instrument replaces the Yemen (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/733) and is intended to give effect to the UK’s obligations under United Nations Security Council Resolutions (UNSCRs) 2140 (2014) and 2216 (2015). This instrument is intended to ensure that the UK continues to meet its obligations under the UN regime after the Transition Period ends on 31 December 2020.

This instrument extends by 12 months the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (SI 2019/589), which enable specified categories of Gibraltar-based firms to provide financial services in the United Kingdom and facilitate the access by similar types of UK-based firms to Gibraltar’s financial services market.

This Order extends with modifications the Zimbabwe (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/604)as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Republic of Belarus(Sanctions)(EU Exit) Regulations 2019 (S.I. 2019/600) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Cyber (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/597) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Nicaragua (Sanctions) (EU Exit) Regulations 2020 (S.I.2020/610) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Bosnia and Herzegovina (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/608) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Chemical Weapons (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/618) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Guinea (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/1145) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Burma (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/136) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Burundi (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/1142) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Venezuela (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/135) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This Order extends with modifications the Iraq (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/707) as amended from time to time to all British overseas territories except Bermuda and Gibraltar (which implement sanctions under their own legislative arrangements).

This instrument will make amendments to previously made legislation to prepare the UK’s audit regulatory regime for the end of the Transition Period. It will grant states of the European Economic Area (the EEA States) and Gibraltar approval as equivalent third countries and their audit regulatory authorities status as “approved third country competent authorities” on account of the adequacy of their arrangements for the transfer of audit working papers and investigation reports.

This instrument is being made in order to specify that the legal and supervisory arrangements for Central Counterparties (CCPs) in the European Economic Area (EEA) meet at least equivalent outcomes to the UK’s corresponding regime. This instrument, and the subsequent recognition by the Bank of England that it enables, will allow UK businesses and trading venues to continue using the clearing services of EEA CCPs under the European Market Infrastructure Regulation (EMIR) after the end of the Temporary Recognition Regime.

This instrument is being made in order to ensure a coherent and functioning financial services equivalence framework in the UK during and at the end of the Transition Period (TP). This instrument adds to the temporary and transitional regime for equivalence with EEA states before the end of the TP, when retained EU law provisions will come into effect. The measures in this instrument add to those made in the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, which was laid in May. It also contains minor amendments and deficiency fixes to existing financial services EU Exit instruments.

These Regulations update the existing United Kingdom anti-money laundering legislation to implement changes in the European Union anti-money laundering framework and make minor corrections and other minor amendments. They also fix the deficiencies that will otherwise arise from these amendments at the end of the Transition Period.

These Regulations makes corrections and amendments to a number of sanctions regulations which have been made under section 1 of the Sanctions Act and introduce a new exception into these regimes to provide that a prohibition or requirement is not contravened if conduct is authorised by a licence or other authorisation issued under the law as it applies in a British Overseas Territory or Crown Dependency.

These Regulations make corrections and amendments to a number of sanctions regulations which have been made under section 1 of the Sanctions Act and introduce a new exception into these regimes to provide that a prohibition or requirement is not contravened if conduct is authorised by a licence or other authorisation issued under the law as it applies in a British Overseas Territory or Crown Dependency.

These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 to give effect to the United Kingdom's international obligations resulting from various United Nations Security Council Resolutions imposing a sanctions regime in view of the situation in Afghanistan. Following the United Kingdom's withdrawal from the European Union, these Regulations will replace the corresponding EU sanctions regime.

This instrument makes amendments to the retained version of Regulation 2019/1150 of the European Parliament and of the Council of 20 June 2019 on promoting fairness and transparency for business users of online intermediation services to ensure that it functions correctly in domestic law at the end of the Transition Period.

The purpose of this instrument is to revoke those provisions of the SDGR (Regulation (EU) 2018/1724 establishing a single digital gateway to provide access to information, to procedures, and to assistance and problem-solving services) that will constitute retained EU law on and after 31 December 2020, so that the UK is no longer legally bound by the SDGR once the Transition Period ends.

This instrument is intended to give effect to many of the UK’s obligations under UN Security Council Resolutions (UNSCRs) 1556 (2004), 1591 (2005), 1672 (2006) and 2035 (2012) which provide for a sanctions regime relating to Sudan. This instrument is intended to ensure that the UK continues to meet its obligations under the UN regime after the Transition Period ends on 31 December 2020.

This instrument is intended to give effect to the UK’s obligations under United Nations Security Council Resolutions 2140 (2014) and 2216 (2015). Resolutions 2140 and 2216 established a sanctions regime relating to Yemen. The instrument is intended to ensure that the UK continues to meet its obligations under the UN regime after the Transition Period ends on 31 December 2020.

This instrument is made under the Sanctions and Anti-Money Laundering Act 2018 and gives effect to the UK’s obligations under UN Security Council Resolutions 661 (1990) and 1483 (2003) which established a sanctions regime relating to Iraq. It replaces, with substantially the same effect, the existing EU Iraq sanctions regime.

This instrument is made under the Sanctions and Anti-Money Laundering Act 2018 and gives effect to the UK’s obligations under UN Security Council Resolution 2374 (2017) which relate to Mali. It replaces, with substantially the same effect, EU legislation and related UK legislation by which the UK’s UN obligations are currently given effect in domestic law.

Specifically, this instrument addresses deficiencies in retained EU law in EMIR, as amended by Regulation (EU) No. 2019/2099 (EMIR 2.2). EMIR 2.2 entered into application on 1 January 2020 and introduces an updated third country supervision framework. The instrument ensures that EMIR and related legislation will continue to operate effectively at the end of the Transition Period following this update and fixes deficiencies arising from the UK's exit from the EU.

This instrument is made under the Sanctions and Anti-Money Laundering Act 2018 and gives effect to the UK’s obligations under UN Security Council Resolutions 733 (1992), 1844 (2008), 2036 (2012) and 2498 (2019) which established a sanctions regime relating to Somalia. It replaces, with substantially the same effect, the existing EU Somalia sanctions regime.

This instrument aims to ensure a coherent and functioning financial services regulatory regime in the UK at the end of the Transition Period. It makes a number of amendments to address deficiencies in UK domestic law and retained EU law arising from the UK’s withdrawal from the EU, in line with the approach taken in other financial services EU exit instruments under the EUWA 2018. It also makes a small number of minor clarifications and corrections to previous financial services EU exit instruments.

This instrument is intended to give effect to the UK’s obligations under UN Security Council Resolution 1636 (2005). When this instrument comes into force it will replace, with substantially the same effect, relevant existing EU legislation and related UK legislation by which the UK’s UN obligations are given effect in domestic law.

This instrument is intended to give effect to the UK’s obligations under UN Security Council Resolutions 2127 (2013) and 2134 (2014) which established a sanctions regime relating to the Central African Republic. When this instrument comes into force it will replace, with substantially the same effect, relevant existing EU legislation and related UK legislation by which the UK’s UN obligations are given effect in domestic law.

This instrument is intended to give effect to the UK’s obligations under UN Security Council Resolution 1701 (2006). Resolution 1701 established a sanctions regime relating to Lebanon which is currently implemented through EU legislation and related UK legislation. When this instrument comes into force it will replace, with substantially the same effect, relevant existing EU legislation and related UK legislation.

This instrument is intended to ensure that the UK can operate an effective sanctions regime in relation to Nicaragua after the Transition Period ends on 31 December 2020. When this instrument comes into force it will replace, with a similar effect, the EU sanctions regime relating to Nicaragua that is currently in force under EU legislation and related UK Regulations.

This instrument is intended to ensure that the UK can operate an effective sanctions regime in relation to Bosnia and Herzegovina (BiH) after the end of the Transition Period. When this instrument comes into force it will replace the EU sanctions regime relating to BiH.

These Regulations are intended to ensure that the UK can operate an effective cyber sanctions regime after the end of the Transition Period. They will replace, with a similar effect, the EU sanctions regime relating to cyber security that is currently in force under EU legislation and related UK regulations.

This instrument makes corrections and amendments to several sets of sanctions regulations which have been made under SAMLA and also makes revocations and amendments which are consequential on the provisions in those sanctions regulations.

This instrument makes corrections and amendments to several sets of sanctions regulations which have been made under SAMLA and also makes revocations and amendments which are consequential on the provisions in those sanctions regulations.

The instrument replaces references to “exit day” with “IP completion day” so that the provisions will apply by reference to 11pm on 31 December 2020 rather than 11pm on 31 January 2020 to ensure that the statutory instruments already made have the effect originally intended.

The purpose of this instrument is to amend the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/685) (IAS SI). This instrument provides a transitional arrangement for companies whose financial years ‘straddle’ the Implementation Period completion day, for the purposes of the IAS SI. It also makes minor amendments to correct errors in the IAS SI and ensures that the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (SI 2019/177) (Audit SI) functions as intended.

This instrument continues the process of addressing failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom (UK) from the European Union (EU). This is intended to ensure that the frameworks for regulatory oversight and professional recognition of statutory auditors and third country auditors in the UK work effectively following the UK’s withdrawal from the EU. These parts of the instrument, with the other changes to the relevant frameworks, will come into force at the end of the implementation period.

These Regulations bring into force various provisions of the European Union (Withdrawal Agreement) Act 2020 (c. 1) ("the Act"). These are the first commencement regulations made under the Act. Certain provisions came into force on the passing of the Act. The Act is the key piece of domestic legislation giving effect to international obligations contained in the draft Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community ("the Withdrawal Agreement").

These Regulations bring into force provisions of the EUWA 2018 on “exit day”. “Exit day” means 31 January 2020 at 11 p.m. in accordance with section 20(1) of the Act.

This instrument is being made under the European Union (Withdrawal Agreement) Act 2020 (“the Act 2020”) to amend several EU Exit instruments previously made under the EUWA 2018. Specifically, the instrument delays the application of a number of financial services temporary permissions and transitional regimes established by these EU Exit instruments, such that they apply by reference to the end of the Implementation Period (“IP”) rather than exit day (31 January 2020).

This instrument amends the Network and Information Systems Regulations (S.I. 2018/506)(the “NIS Regulations”). The NIS Regulations implemen Directive (EU) 2016/1148 of the European Parliament and of the Council concerning measures for a high common level of security of network and information systems across the Union. The instruments also revoke Regulations (EU) 2019/881 and Regulation (EU) No 526/2013 as they will be redundant following the withdrawal of the UK from the EU.

These Regulations amend the definition of “exit day” in section 20(1) of the European Union (Withdrawal) Act 2018 from 31 October 2019 to 31 January 2020, and consequently amend section 20(2) of the 2018 Act.

This instrument addresses deficiencies in retained EU law in the European Market Infrastructure Regulation (EU) No. 648/2012 (EMIR), as amended by Regulation (EU) No. 2019/834 (REFIT). Following the REFIT amendments, some further deficiency fixes are necessary to ensure that EMIR will continue to operate effectively in the UK after exit. The instrument also makes a number of changes to EU Exit instruments already made to provide for the REFIT amenmdents.

These Regulations provide that certain provisions on freedom of establishment (regulation 2) and the free movement of services (regulation 3), which continue as directly effective rights in domestic law by virtue of section 4 of the European Union (Withdrawal) Act 2018, should cease.

This instrument continues the process of addressing failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the EU. it is intended to ensure that the frameworks for the application of international accounting standards under UK law, and for regulatory oversight and professional recognition of statutory auditors and third country auditors in the UK, work effectively following the UK’s withdrawal from the EU.

This Statutory instrument addresses deficiencies in UK domestic law and retained EU law arising from the UK’s withdrawal from the EU, in line with the approach taken in other financial services EU exit instruments under the EUWA. It also makes amendments to a number of financial services EU exit statutory instruments, correcting minor errors identified in legislation after it was laid before Parliament, and updating certain references to account for the Article 50 process extension.

This instrument amends primary and secondary legislation to address deficiencies arising from the withdrawal of the UK from the EU including instruments made under the EUWA. Since the extension to the Article 50 process, new EU financial services legislation will become operative between 29 March and 31 October 2019 and will therefore form part of retained EU law under the EUWA on exit day. Further statutory instruments under the EUWA are therefore necessary to ensure the UK’s financial services regulatory regime remains prepared for exit.

This instrument amends retained EU law relating to the Securitisation Regulation (Commission Delegated Regulation (EU) 2015/35) to ensure that the legislation refers to the appropriate UK regulator and removes a deficient cross-reference. It also addresses deficiencies that arise as a result of the UK leaving the EU in relation to the financial services elements of the E-Commerce Directive (ECD) and revokes provisions that currently exclude EEA firms from UK regulation if they provide online-only financial services. The instrument also implements a run-off regime to allow those firms to legally service any pre-existing contracts for a maximum period of five years from the day on which the Regulations come into force.

These Regulations use the powers under EUWA to correct deficiencies in competition legislation arising from EU Exit and are drafted for a scenario where no withdrawal agreement is reached between the UK and the EU. The Regulations retain decisions made by the European Commission under EU regulations which contain commitments given by parties to address competition concerns identified in the course of EU anti-trust investigations or merger reviews and which relate to the supply or acquisition of goods or services in the UK.

This instrument makes amendments to Regulation (EU) 2017/1129 "the EU Prospectus Regulation" which sets the prospectus regime in the UK. This instrument also makes amendments to related EU and domestic legislation to ensure the UK prospectus regime continues to function effectively following the UK's exit from the EU.

The European Commission has revised Delegated Regulation EU 2015/35 "the S2 Delegated Regulation" (made under the Directive to set further detail on how requirements in the Directive should be met). Deficiencies in the S2 Delegated Regulation were originally addressed by the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 "S2 Exit SI". The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 address deficiencies in retained EU in the amended S2 delegated regulation, the S2 Exit SI and also deficiencies in the UK’s Risk Transformation Regulations 2017.

This instrument addresses deficiencies in retained EU law in Regulation (EU) 575/2013 "the CRR" - a core part of the EU’s prudential regulation regime for banks, building societies and investment firms. Regulation (EU) 2019/876 "CRRII" amends the CRR updating the regime’s approach to the setting of capital requirements and the resolution of banks. Several of the amendments became applicable across the EU in June 2019. This SI therefore addresses the deficiencies resulting from the more recent changes made by CRRII, but only those changes that will be applicable in the UK by 31 October 2019.

This instrument amends primary and secondary legislation to address deficiencies arising from the withdrawal of the UK from the EU. Since the extension of the original exit date of 31 March 2019 to 31 October 2019, new EU financial services legislation will become operative by 31 October 2019 and will therefore form part of retained EU law under the EUWA on exit day. Further statutory instruments under the EUWA are therefore necessary to ensure the UK’s financial services regulatory regime remains prepared for exit.

These Regulations aim to ensure that the UK can operate an effective sanctions regime in relation to Guinea following the UK's exit from the EU. The Regulations will replace, with substantially the same effect, the EU sanctions regime relating to Guinea that is currently in force in the UK under EU legislation and related UK legislation.

These Regulations aim to ensure that the UK can operate an effective sanctions regime in relation to Burundi after the UK leaves the EU. The Regulations will replace, with substantially the same effect, the EU sanctions regime relating to Burundi that is currently in force in the UK under EU legislation and related UK legislation.

This instrument makes amendments to a number of financial services EU exit statutory instruments and to an EU delegated regulation, correcting errors identified in legislation after it was made, making amendments to ensure consistency between EU exit instruments and introducing a transitional provision.

Directive 2002/58/EC concerns the processing of personal data and the protection of privacy in the electronic communications sector. It was transposed into UK law principally by the Privacy and Electronic Communications (EC Directive) Regulations 2003 (PECR). Commission Regulation 611/2013 supplements requirements set out in the Directive by specifying the circumstances, format and procedures applicable to notifications required. This instrument makes technical amendments to legislation relating to the notification of personal data breaches by providers of electronic communications services, and revokes direct EU legislation which is redundant or otherwise inappropriate to retain on the UK’s statute book after exit from the EU.

These Regulations amend the Greenhouse Gas Emissions Trading Scheme Regulations 2012 which transpose the provisions of Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union (“the EU ETS Directive”). These Regulations will amend the EU Emissions Trading System (EU ETS) compliance cycle deadline for UK participants for the 2018 scheme year. The surrender deadline is changed to 10.59 pm on 29th March 2019. It is further moved to (i) immediately before the UK’s exit from the EU if “exit day” within the meaning of the European Union (Withdrawal) Act 2018 is changed so that it falls on a day before 1st May 2019; or (ii) to 30th April 2019 if “exit day” within the meaning of the European Union (Withdrawal) Act 2018 is changed so that it falls on or after 1st May 2019. These deadlines also apply if, before the new surrender deadline, “exit day” is subsequently changed again.

These Regulations amend the definition of “exit day” in s. 20(1) of the European Union (Withdrawal) Act 2018 from 12 April 2019 at 11.00 p.m. to 31 October 2019 at 11.00 p.m., and consequently amend s. 20(2) of the 2018 Act. Various provisions of the 2018 Act, including the repeal of the European Communities Act 1972, and a wide range of primary and secondary legislation, take effect or come into force on “exit day”.

These Regulations are made under s. 53 of the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) and are intended to ensure that the UK can operate an effective sanctions regime in relation to Russia after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, the EU sanctions regimes relating to Russia's actions in relation to Ukraine that are currently in force under EU legislation and related UK regulations. This instrument also applies to conduct by UK persons outside the UK. In addition, the maritime enforcement powers contained in Part 10 of this instrument apply in relation to British ships in international or foreign waters, ships without nationality in international waters and foreign ships in international waters.

These Regulations made under s. 55 of the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) correct minor errors in several SIs recently laid under SAMLA.

 

These Regulations are intended to ensure that the UK can operate an effective sanctions regime in relation to Syria after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, the EU sanctions regime relating to Syria that is currently in force under EU legislation and related UK regulations. This sanctions regime is aimed at encouraging the Syrian regime to end the violent repression of the civilian population and to reach a negotiated political settlement to end the conflict in Syria.

The main aim of this instrument is to make amendments to the UK’s domestic statute book, including retained EU legislation, to address deficiencies which arise from the UK ceasing to be an EU Member State. The instrument covers three linked policy areas: security, law enforcement and judicial cooperation in criminal matters currently underpinned by EU legislation; security-related EU regulatory systems for which the Home Office is responsible (drug precursors and psychoactive substances, explosive precursors, and firearms); and domestic legislation affecting the police and affecting investigatory powers made deficient by EU exit.

These Regulations amend the definition of “exit day” in section 20(1) of the European Union (Withdrawal) Act 2018 to 22 May 2019 at 11.00 p.m., if the negotiated withdrawal agreement has been approved by the House of Commons, or to 12 April 2019 at 11.00 p.m., if the negotiated withdrawal agreement has not been approved by the House of Commons and consequently amend section 20(2) of the 2018 Act. “Exit day” is the day by reference to which provisions of the 2018 Act, including the repeal of the European Communities Act 1972, and a wide range of related primary and secondary legislation, take effect or come into force.

Regulation (EC) No. 1889/2005 requires all individuals who bring cash into or out of the EU to declare these amounts to the customs authorities in the Member State which they first enter or leave. The data is compiled centrally and used by the EU Member States to identify risks such as money laundering. Following the UK's exit from the EU, the EU Regulation will no longer apply to the UK as a non-member state. In order to ensure that the UK is able to continue to collect data about the movement of cash in excess of £10,000, amendments need to be made to retained EU law.

This statutory instrument addresses deficiencies in UK domestic law and retained EU law arising from the UK’s withdrawal from the EU, in line with the approach taken in other financial services EU exit instruments under the EU (Withdrawal) Act 2018 (EUWA). This instrument revokes a number of pieces of retained EU law and UK domestic law, as they deal with cross-border activity within the EU and the functioning of EU institutions. The instrument also amends a number of financial services EU exit statutory instruments, correcting errors identified in legislation after it was made, and making amendments to ensure consistency between EU exit instruments.

Directive (EC) No 71/2003 (the Prospectus Directive) contains the harmonised rules governing the content, format, approval, and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market in an EEA State. Directive (EC) No 109/2004 (the Transparency Directive) provides for the harmonisation of transparency requirements across the EU by requiring issuers of securities admitted to trading on a regulated market to disclose a minimum level of information to the public. The Prospectus Directive, the Transparency Directive and also the Consolidated Admissions and Reporting Directive are implemented into UK legislation in Part 6 of the Financial Services and Markets Act 2000 and in rules made by the Financial Conduct Authority (FCA) under that part. This instrument makes amendments to that Act and related EU legislation to address deficiencies in retained EU law that arise from the UK’s withdrawal from the EU.

This instrument addresses failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the EU, in the field of accounts and reports of UK corporate bodies, to make some consequential amendments and transitional provision as a result of the European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (SI 2018 No. 1298), and to make minor corrections to two EU Exit statutory instruments. The IAS Regulation (Regulation EC No 1606/2002) sets out the requirements for the application of International Accounting Standards (IAS) in the EU. Publicly traded companies in the UK are required to apply IFRS as endorsed and adopted by the EU to their consolidated accounts. Following the UK's exit from the EU, existing EU-adopted IFRS will be brought into UK law, but frozen as at exit day, and public companies listing in the UK will be required to produce their consolidated accounts in accordance with these standards. However, as the UK will no longer be a member of the EU, future adoptions, interpretations and amendments of IFRS by the EU will no longer apply in the UK. This instrument therefore provides for a national framework for endorsement and adoption of IFRS after departure from the EU.

This instrument addresses deficiencies in UK domestic legislation and retained EU law in relation to the disclosure of confidential information arising from the UK’s withdrawal from the EU. In particular, the instrument amends Part 23 of the Financial Services and Markets Act 2000 (FSMA) and the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (SI 2001 No. 2188) which set out the gateways for disclosing confidential information within the UK, to EEA regulatory authorities and to third-country regulatory authorities. Amendments are made to remove or amend specific references to EU member states, bodies and instruments, also to definitions which currently operate on the basis that the UK is an EU member state. A transitional provision is introduced so that any confidential information that was received on or before exit day will continue to be treated in line with the relevant provisions in EU regulations and directives as they had effect before exit day. The amendments ensure that confidential information can continue to be disclosed by UK regulators from exit day.

This instrument addresses deficiencies in domestic legislation and retained EU law in relation to financial services, arising from the UK’s withdrawal from the EU. EU law allows authorised financial services firms to access markets across EU member states. For the purposes of EU law, the UK and Gibraltar are in effect considered as the same EU member state. This instrument ensures that relevant matters in relation to Gibraltar can be treated as they were before exit day to support continued passporting for authorised financial services firms between the UK and Gibraltar following exit.

The Uncertificated Securities Regulations (SI 2001 No. 3755) (USR) set out the legal framework which the operator of a “relevant system” must adhere to. “Relevant system” means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred electronically. The instrument amends or revokes certain provisions within the USR which overlap with requirements now the subject of the CSDR regime. The instrument also addresses deficiencies in UK law and retained EU law that arise from the UK leaving the EU.

The Insurance Distribution Directive (IDD) sets out the regulatory framework for the distribution of insurance in the EU. It covers the initial registration, passporting arrangements, and ongoing regulatory requirements for insurance and reinsurance distributors. The IDD covers organisational and conduct of business requirements for insurance and reinsurance undertakings. It also introduces requirements including product oversight and governance, and enhanced conduct rules for Insurance–Based Investment Products (IBIPs). This instrument fixes deficiencies in two Commission Delegated Regulations made under the IDD. It also transfers both legislative and non-legislative functions from EU entities to the appropriate UK bodies, replaces cross references to EU legislation with the relevant UK measures which implemented those provisions, and removes other EU references which are no longer appropriate. Note: Further amendments will be made in a subsequent instrument to clarify the scope of the two Commission Delegated Regulations so that they will include all UK based firms conducting insurance distribution in the UK as well as those intermediaries and insurers operating under the Temporary Permissions Regime following the UK's exit from the EU.

This instrument makes amendments to ensure that the regulatory regime for recognised investment exchanges (RIEs), market operators, clearing houses (including central counterparties (CCPs)) and central securities depositories (CSDs) continues to be clearly defined and operable in UK domestic law after exit day in a no-deal scenario. The regulatory regime is set out in Part 18, 18A and Schedule 17A of the Financial Services and Markets Act 2000 and also in the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001(SI 2001 No. 995) (RRRs). Amendments introduced through this instrument are intended to make only technical changes to existing legislation to ensure that it continues to operate effectively once the UK leaves the EU. Several consequential amendments are also made to reflect amendments being made to retained EU law.

The Payment Accounts Regulations 2015 (PAR) transposed the Payment Accounts Directive into UK law. The regulations apply to every Payment Service Provider (PSP), (with the exception of except credit unions, National Savings and Investments (NS&I), and the Bank of England). This instrument makes amendments to PAR to remove deficiencies arising from the UK’s exit from the EU. This instrument transfers power to the FCA to make new technical standards about the presentation and content of the fee information document and annual statement of fees and also amends SI 2018 No. 1115 to add existing technical standards to the Schedule to that instrument.

The Securitisation Regulation creates a framework for the regulation of simple, transparent and standardised (STS) securitisations, and asset-backed commercial paper (ABCP) products. The Securitisation Regulation is directly applicable EU law. Several deficiencies need to be corrected in order for the Securitisation Regulation to remain operable in the UK following the UK’s exit from the EU. Amendments include: changes to ensure that there is appropriate treatment of the STS classification of securitisations post-exit; changes that enable UK counterparties to continue to participate in cross-border STS securitisations after exit by allowing some of the parties to a securitisation to be located anywhere in the world; change to the definition of ‘sponsor to ensure that if a sponsor delegates day-to-day portfolio management of a securitisation, the delegated firm may be located anywhere in the world, rather than just within the UK; transfer of functions of the European Supervisory Authorities to the appropriate UK bodies.

This instrument makes changes to ensure that the existing regime under the Benchmarks Regulation (BMR) and related EU legislation continues to operate effectively once the UK is outside the EU. The BMR sets out routes for benchmarks to become approved for use, and only those approved under these routes by the end of the existing transitional period set out in the EU BMR (which ends on 31 December 2019) may continue to be used in the EU after that date. Whilst the EU BMR is currently in a transitional phase, many firms have already begun work to ensure compliance with the regime, including submission of regulatory applications and ensuring modifications to their business models to meet requirements. Consequently this instrument amends the BMR and related tertiary legislation. This includes amending the scope of the BMR as it will apply in the UK; amendments to definitions; and the transfer of functions from ESMA to the FCA, including the creation of an FCA register. Also a new transitional provision temporarily migrates over to the FCA register any benchmarks or administrators which appear on the ESMA register at 5pm on the day on which exit day occurs as a result of a successful application under the EU BMR outside of the UK, or as a result of an equivalence decision by the European Commission.

The Mortgage Credit Directive Order 2015 (SI 2015 No. 910) implemented the Mortgage Credit Directive (Directive 2014/17/EU) in the UK, updating where necessary the existing UK legislation. This instrument addresses deficiencies in retained EU law in relation to the EU’s framework of conduct rules for mortgage firms arising from the UK's withdrawal from the EU. This instrument makes amendments to provide that the regulatory regime for buy-to-let mortgages and similar buy-to-let lending to consumers applies only in relation to land in the UK, and not the EEA. FCA supervisory responsibility for such lending entered into after the UK leaves the EU will be confined to loans secured on UK property, if there is no implementation period. However, lending relating to land in the EEA that is currently supervised under the buy-to-let lending regime will continue to be covered by FCA regulation.

Directive (EU) 2016/1148 of the European Parliament and of the Council concerning measures for a high common level of security of network and information systems across the Union was implemented in the UK by he Network and Information Systems Regulations 2018 (SI 2018 No. 506). The NIS Regulations provide legal measures aimed at boosting the overall level of security (both cyber and physical resilience) of network and information systems that are critical for the provision of essential services and relevant digital services. This instrument ensures that following exit fom the EU, UK governance bodies can continue to be able to liaise, co-operate and share information with the EU where it is necessary and appropriate to do so whilst ensuring that they are not under an obligation to do so.

This instrument addresses deficiencies in the Financial Services and Markets Act 2000 (c.8) (FSMA) and related subordinate legislation, including the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001No. 544) (RAO), arising from the UK's withdrawal from the EU. FSMA and related secondary legislation define the ‘regulatory perimeter’, setting out the activities and firms that fall within the scope of UK financial services regulation. Many provisions, particularly in the RAO, set out the scope of regulated activities by reference to those activities as defined in EU law. Authorisation to carry out regulated activities as authorised persons operates on the basis of firms carrying out activities across the EU’s single market. UK regulators are also subject to specific requirements for participating in the EU’s supervisory framework for financial services in order to support the functioning of the single market. This instrument will amend many of the definitions used in FSMA, the RAO and the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005 No. 1529) so that they reflect the UK’s position as a standalone regulatory regime outside of the single market for financial services. The Regulations also give the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority the power to temporarily waive or modify obligations on UK-supervised persons where those obligations have changed as a result of the EU (Withdrawal) Act 2018.

These Regulations bring into force the provisions of certain sanctions regulations which have been made under section 1 of the Sanctions and Anti-Money Laundering Act 2018.

These Regulations are intended to ensure that the UK can operate an effective sanctions regime in relation to the use and proliferation of chemical weapons after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, the EU sanctions regime concerning restrictive measures against the proliferation and use of chemical weapons that is currently in force under EU legislation and related UK regulations.

These Regulations are intended to ensure that the UK can operate an effective sanctions regime in relation to Zimbabwe after the UK leaves the EU. The Regulations will replace, with substantially the same effect, the EU sanctions regime relating to Zimbabwe that is currently in force under EU legislation and related UK regulations. This instrument also applies to conduct by UK persons outside the UK. In addition, the maritime enforcement powers contained in Part 9 of this instrument apply in relation to British ships in international or foreign waters, ships without nationality in international waters and foreign ships in international waters.

These Regulations are intended to ensure that the UK can operate an effective sanctions regime in relation to Belarus after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, the EU sanctions regime relating to Belarus that is currently in force under EU legislation and related UK regulations. This instrument also applies to conduct by UK persons outside the UK. In addition, the maritime enforcement powers contained in Part 9 of this instrument apply in relation to British ships in international or foreign waters, ships without nationality in international waters and foreign ships in international waters.

This instrument addresses deficiencies in domestic legislation in relation to financial services passporting rights between the United Kingdom and Gibraltar, arising from the withdrawal of the UK from the EU. This instrument ensures authorised financial services firms in Gibraltar will continue to be able to provide services and establish branches in the UK market after exit day on current terms. This instrument makes technical amendments to existing domestic legislation, including the Gibraltar Order 2001 and the Financial Services and Markets Act 2000, so that authorised Gibraltar-based financial services firms continue to have access to UK markets in a no deal scenario.

The government will repeal Part 1 of the Terrorist Asset-Freezing etc. Act 2010 (TAFA) after EU Exit. When these regulations come into force they are intended to replace TAFA, with substantially the same effect. This sanctions regime is aimed at furthering the prevention of terrorism in the UK or elsewhere and protecting UK national security interests and will ensure that the UK implements its international obligations under UN Security Council Resolution 1373.

This instrument is being made in order to ensure that recently adopted Binding Technical Standards (BTS) continue to operate effectively following the UK’s withdrawal from the EU. This instrument will amend the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (SI 2018 No. 1115) (the 2018 Regulations) to add these BTS to the list of BTS in the 2018 Regulations which the regulators may amend to correct deficiencies. It also makes some minor technical amendments to the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (SI 2018 No. 1403) to ensure that they effectively address deficiencies in retained EU law relating to markets in financial instruments after exit.

The Distance Marketing Directive (DMD). In the UK, the DMD is implemented by the Distance Marketing Regulations, and also Financial Conduct Authority (FCA) rules depending on the type of, and location where, a particular activity is being undertaken. This instrument remedies deficiencies arising from the UK’s withdrawal from the EU and makes amendments to the Distance Marketing Regulations to ensure they continue to operate effectively. Amendments include: removing inappropriate references to EU and EEA bodies, territories and instruments; ensuring that references are made to the Pre-Contract Credit Information (Overdrafts) Form rather than the European Consumer Credit Information Form; and expansion in scope to cover certain EEA firms who will continue operating in the UK from an EEA establishment, within the scope of their current passporting permissions, for a limited period after exit day, whilst seeking full UK authorisation under one of the temporary regimes.

These Regulations are intended to provide for part of the UK’s counter-terrorism sanctions regimes after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, counter-terrorism regimes that are currently in force under a range of EU legislation and related UK legislation. They will replace the EU autonomous sanctions regime in respect of ISIL (Da'esh) and Al-Qaida, and the EU’s counter-terrorism sanctions regime set out in Council Common Position 2001/931/CFSP. This sanctions regime also gives effect to the UK’s obligations under United Nations Security Council Resolution 1373. This instrument also applies to conduct by UK persons outside the UK. In addition, the maritime enforcement powers contained in Part 9 of this instrument apply in relation to British ships in international or foreign waters, ships without nationality in international waters and foreign ships in international waters.

These Regulations are intended to ensure that the UK can operate an effective sanctions regime in relation to the Republic of Guinea-Bissau after the UK leaves the EU. When these Regulations come into force they will replace, with substantially the same effect, the EU sanctions regime relating to the Republic of Guinea-Bissau that is currently in force under EU legislation and related UK regulations. This sanctions regime is aimed at encouraging the abandonment of actions that undermine the peace, security or stability of the Republic of Guinea-Bissau.

This SI revokes, on the day of the UK’s withdrawal from the EU, two EU regulations relating to the administration of the relationship between the EU and Member States on matters relating to EU investment agreements and the Member States’ bilateral investment treaties and any related investor-state dispute settlement (ISDS) cases. The SI entirely revokes the Regulations and does not make provision for replacement arrangements as the Regulations deal with the relationship between the EU and its Member States and cannot be replaced by domestic legislation.

The GDPR applies directly across all EU Member States, including the UK, until Exit Day. It regulates the processing of personal data by data controllers and processors with an establishment in the EU; and by those outside the EU which are processing data about individuals who are in the EU for the purposes of providing them with goods and services or monitoring their behaviour. The Data Protection Act 2018 (DPA 2018) supplements the GDPR within the UK by exercising areas for derogation within the GDPR.

The Law Enforcement Directive (Directive (EU) 2016/680) concerns the processing of personal data by bodies with law enforcement functions for law enforcement purposes which was implemented in the UK through Part 3 of the DPA 2018. The DPA 2018 extended GDPR standards to general processing activities that were outside the scope of EU law via what is known as ‘applied GDPR’. As the GDPR will no longer apply directly in the UK, this instrument introduces a single regime for general processing activities known as the UK GDPR. This instrument maintains the data protection standards that currently exist under the GDPR and the DPA 2018 and introduces a newly merged regime for general processing activities (covering matters that were in and out of scope of the GDPR prior to Exit Day). It also maintains the extra-territorial scope of the GDPR, so that controllers or processors based outside the EEA which are processing UK residents’ data for the purposes of providing goods and services or monitoring behaviour will continue to be covered by the UK GDPR, and extends this to cover such processing by controllers and processors in the EEA. A number of functions conferred on the European Commission by the GDPR will be transferred to the Secretary of State and/or the Information Commissioner. The Regulations will also make amendments to correct deficiencies arising from the UKs departure from the EU. For clarity, the retained version of the GDPR will be renamed the UK GDPR.

The Solvency II Directive (Directive 2009/138/EC) and Delegated Regulation EU No. 2015/35 implemented a harmonised prudential framework for insurance and reinsurance firms in the EU. Solvency II was transposed into UK law by the Solvency II Regulations 2015 (SI 2015 No. 575) and through the PRA Rulebook. This instrument will amend the UK legislation implementing Solvency II and relevant directly applicable EU legislation so that it operates effectively in a UK-only context. The SI will reflect the fact that the UK will be outside the joint supervisory mechanism for Solvency II following exit.

This instrument will address deficiencies in retained EU law in relation to the EEA’s ‘financial services passport’ – which allows firms in EEA states to offer services in any other EEA state on the basis of their home state authorisation; and non-UK central counterparties (CCPs) and trade repositories (TRs) that provide certain services in the UK under the European Market Infrastructure Regulation (EMIR). The instrument addresses three types of provider, covered by different laws: EEA firms covered under the Financial Services and Markets Act 2000 (FSMA); EEA payments and e-money firms; and, non-UK CCPs and TRs. The instrument introduces regimes to support and amend the temporary permission and recognition regimes separately brought forward through other instruments.

The EU PRIIPs Regulation (Regulation (EU) No 1286/2014) introduced a standardised disclosure document (the Key Information Document “KID”) to be provided when packaged investment or PRIIPs are sold to retail investors in the EU. This statutory instrument makes amendments to the retained PRIIPs Regulation to ensure that it operates effectively once the UK has left the EU. These changes include: transferring the functions and powers of the European Commission and the European Supervisory Authorities (ESAs) to relevant UK authorities; amending the territorial scope of the retained PRIIPs Regulation so it applies to PRIIPs sold to investors in the UK only; and amending the scope of the retained PRIIPs Regulation to uphold an existing exemption for certain securities issued or guaranteed by sovereigns and certain public-sector entities, and maintaining an exemption for certain retail investment funds.

The Money Markets Funds Regulation lays down a common framework of rules for qualifying money market funds regulates the use of the designation “MMF” for funds to ensure that no fund may use that designation without authorisation, and requiring funds with the characteristics of MMFs to be authorised as an MMF. This instrument makes amendments to the MMF Regulation to ensure it continues to operate effectively in a no deal scenario after exit day. Changes include: assigning responsibility for the functions of the European supervisory bodies and the European Commission to appropriate UK bodies, making provision for any EEA UCITS or AIF fund that is using the ‘temporary permissions regime’ to be able to be marketed into the UK as an MMF. This will allow EEA funds which currently market into the UK via a passport to continue to do so for a limited period whilst they gain necessary permission to market into the UK as a third country.

The instrument ensures that the financial sanctions regimes in relation to Afghanistan, Burundi, the Central African Republic, Egypt, the Republic of Guinea, Iraq, Lebanon and Syria (in relation to the 14 February 2005 terrorist bombing in Beirut), the Republic of Maldives, Mali, Somalia, Sudan, Tunisia, Ukraine and Yemen, will continue to be implemented after the United Kingdom (UK) leaves the EU. The statutory instrument amends domestic financial sanctions regulations, which implement and enforce asset-freeze regimes in relation to the countries listed, certain provision of the Sanctions (Amendment) (EU Exit) Regulations 2019 (SI 2019 No. 26) that were made under the Withdrawal Act that implements both arms embargoes and financial sanctions measures in respect of the following countries: Afghanistan, the Central African Republic, Somalia and Sudan. It also amends certain provisions of several direct EU Regulations relating to sanctions measures.