On 9 January 2019, there was published on legislation.gov.uk a draft of the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019, together with explanatory information.

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (the Disclosure Regulations) set out the framework that allow UK regulators to share confidential information, including with domestic, EEA and third-country regulatory and supervisory authorities. In the event of a no deal Brexit scenario, parts of the Disclosure Regulations would become deficient – the draft statutory instrument (draft SI) seeks to remedy these deficiencies. The key changes introduced by the draft SI, as noted in the accompanying explanatory information, are:

  • requiring the UK to enter into cooperation agreements with EEA member states;
  • removing requirements for seeking the consent of an EEA regulator before disclosing confidential information in cases where there is no equivalent provision in respect of third countries; and
  • amending references to EU Directives and institutions.

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 Jochen Vester or Simon Lovegrove.