On 18 January 2019, there was published a draft of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 together with an explanatory memorandum.
The draft statutory instrument is part of the UK Government’s contingency planning for a no deal Brexit and is made under the European Union (Withdrawal) Act.
The draft statutory instrument makes consequential amendments to the relevant parts (Part 18, 18A and Schedule 17A) of the Financial Services and Markets Act 2000 (FSMA) that outline the regulatory regime for recognised investment exchanges, EEA market operators, clearing houses (including central counterparties) and central securities depositories providing services in the UK. It also amends the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 which are made under Part 18 of the FSMA.
The consequential amendments reflect the changes being made to the UK statute book to onshore MiFID II / MiFIR, EMIR, CSDR and the SFTR via the following statutory instruments:
- The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018;
- The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018;
- The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018;
- The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018;
- The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018; and
- The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019.
