On 9 October 2019, the UK Parliament updated its webpage on the Financial Services (Implementation of Legislation) Bill 2017-19 (Bill) to confirm that the Bill failed to complete its passage through Parliament before the end of the session. This means the Bill will make no further progress. This is a result of the prorogation of Parliament on 8 October 2019.
The Bill proposed a legal mechanism for two years after Brexit for HM Treasury to implement EU financial services legislation which has ‘pre-exit origins’ but does not have effect in domestic law before exit day, and therefore cannot be copied across under the European Union (Withdrawal) Act 2018. Importantly, the Bill referred to the Investment Firm Regulation and Directive, as well as the Sustainable Finance Taxonomy and Disclosures Regulation.