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.
Also see EU Exit SI tracker