In recent weeks you would have noticed numerous blogs describing statutory instruments that HM Treasury has been publishing in the event of a no-deal Brexit scenario. These statutory instruments, commonly known as EU Exit instruments, are part of the UK’s contingency preparations and onshore EU law that is retained under the European Union (Withdrawal) Act 2018. However, the statutory instruments that we have seen so far are just the tip of the ice-berg with HM Treasury estimating that over 60 statutory instruments will be produced for financial services alone.
Our Brexit Pathfinder hub contains all of the financial services related EU Exit instruments so far published including their explanatory memorandums.
But keeping track of the EU Exit instruments is only half the battle.
The EU Exit instruments do not “amend and restate” relevant EU legislation but describe the amendments to be made line by line by reference to the underlying UK legislation. This can make it difficult and time consuming to decipher how the changes apply in context. It is possible that different EU Exit instruments will impact the same underlying piece of EU derived legislation.
To assist firms our Brexit Pathfinder hub contains a special section called ‘PathfinderPLUS’, a subscription-only service that provides clients with access to consolidated versions of the onshore UK legislation showing the difference between the current status-quo and the forthcoming UK legislation in a no-deal scenario.
Contact Jochen Vester if you are interested in accessing PathfinderPLUS.