Brexit: PSR Instruments tracker

This Brexit Instruments tracker lists key EU Exit instruments provided for under the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (SI 2018 No. 1115).

The European Union (Withdrawal) Act 2018 (EUWA) provides for a legal framework for the UK’s departure from the EU and seeks to avoid a legislative cliff edge on exit day. The Act will take a snapshot of EU law as it exists immediately before exit day, converting it into domestic law. The Act creates a new body of domestic law referred to as ‘retained EU law’, consisting of ‘EU-derived domestic legislation’ (s. 2) and ‘retained direct EU legislation’ (s. 3) . The Act also confers power on the government to make secondary legislation to amend UK and retained EU law to ensure that it is legally operative following the UK’s exit and to address deficiencies arising therefrom.

The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 delegates use of the EU (Withdrawal) Act Section 8 power to the appropriate UK financial services regulator so they can fix deficiencies in Binding Technical Standards (BTS) and regulators’ rules in advance of exit day; and by establishing the statutory basis on which those regulators will continue to maintain BTS after exit.

NB: This is not an exhaustive list of instruments and covers those only within the scope of Better Regulation. How to use this tracker