On 21 December 2018, HM Treasury published a draft of the Financial Service Contracts (Transitional and Saving Provision) (EU Exit) (No 2) Regulations. The draft Regulations follow the publication on 17 December 2018 of the Financial Service Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (our blog is here). The draft Regulations establish a regime for EEA authorised E-money institutions, payment institutions and registered account information services providers that currently operate in the UK via EU legislation. The Regulations allow these firms to run off pre-existing contractual obligations in the UK but not to undertake new business. This is done via amendments to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018.

You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact the financial services team.

 

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