This SI addresses deficiencies in UK domestic law arising from the UK’s withdrawal from the EU. Amendments made through this SI ensure that the constitution, responsibilities and functions of the Bank of England continue to be clearly defined after exit day in a no-deal scenario. This instrument makes consequential amendments in line with changes in the versions of the EU regulations which will become retained EU law. It removes requirements imposed by the EU CRR on the Bank of England to notify EU authorities where there is systemic risk to the financial system of an EU Member State. It also removes requirements relating to the notification process under Art 458 of the CRR before certain macro-prudential measures can be taken by the Bank.
Also see EU Exit SI tracker