Non-binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU

First published on 18 April 2019

Non-binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU - Supervisory Statement

This SS has been published as part of joint Bank of England and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’. 

Overview

HM Treasury has set out its intention to ensure that the UK will continue to have a functioning financial services regulatory regime regardless of the outcome of negotiations with the EU. Their approach is to ensure that EU-derived laws and rules that are currently in place in the UK will continue to apply at the point of exit to the extent that they remain operable in a UK regime. Changes will only be made to those laws or rules that would otherwise not operate appropriately. This will provide continuity and certainty for firms as the UK leaves the EU.

This statement sets out how Financial Market Infrastructures (FMIs) should interpret existing Bank supervisory materials in light of the UK’s withdrawal from the EU.

This statement is relevant to all Bank supervised FMIs operating, or intending to operate, in the United Kingdom. The Bank may issue further expectations in relation to this topic. 

Implementation and next steps

The policy set out is effective from the date of the UK’s withdrawal from the EU. 

Current version

Published on 18 December 2020. Effective from 11.00pm Thursday 31 December 2020.

• Supervisory Statement ‘Non-binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU’ – December 2020 (pdf) Opens in a new window

- Following PS27/20 ‘The Bank of England’s amendments under the European Union (Withdrawal) Act 2018: Changes before the end of the transition period’

• Final The Technical Standards (Central Securities Depositories) (Amendment etc.) (EU Exit) (No. 2) Instrument 2020 (pdf) Opens in a new window
• Final The Technical Standards (European Market Infrastructure) (EU Exit) (No. 4) Instrument 2020 (pdf) Opens in a new window

Effective from: Thursday 31 December 2020 at 11pm.

Near-final future version

Published: 28 February 2019

• Supervisory Statement ‘Non-binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU’ (pdf) Opens in a new window

FMI (EU Exit) Instrument RECOGNISED CLEARING HOUSE RULES (EU EXIT) INSTRUMENT 2019 (pdf) Opens in a new window

BTS EU Exit instruments

Published as near-final as part of joint Bank of England and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’.

Effective from: No longer effective (superseded by the April 2019 version above). 

Past version

Published: 18 April 2019

• Supervisory Statement ‘Non-binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU’ (pdf) Opens in a new window
• FMI (EU Exit) Instrument RECOGNISED CLEARING HOUSE RULES (EU EXIT) INSTRUMENT 2019 (pdf) Opens in a new window

Bank (as FMI competent authority) Binding Technical Standards (EU Exit) Instruments:

• EU EXIT INSTRUMENT: THE TECHNICAL STANDARDS (EUROPEAN MARKET INFRASTRUCTURE) (AMENDMENT ETC.) (EU EXIT) (No. 1) INSTRUMENT 2019 (pdf) Opens in a new window
• EU EXIT INSTRUMENT: THE TECHNICAL STANDARDS (EUROPEAN MARKET INFRASTRUCTURE) (AMENDMENT ETC.) (EU EXIT) (No. 2) INSTRUMENT 2019 (pdf) Opens in a new window
• EU EXIT INSTRUMENT: THE TECHNICAL STANDARDS (CENTRAL SECURITIES DEPOSITORIES) (AMENDMENT ETC.) (EU EXIT) INSTRUMENT 2019 (pdf) Opens in a new window

Published as part of joint Bank of England and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’

Effective from: The date of the UK’s withdrawal from the EU