On 13 December 2018, a draft of The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 was published on the legislation.gov.uk website and laid before Parliament. An explanatory memorandum has also been published.

The draft statutory instrument makes amendments to retained EU law related to financial market infrastructure insolvency to ensure that the legal framework can operate effectively in a UK context once the UK leaves the EU in any scenario. Among other things the draft statutory instrument makes amendments to the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, the Financial Collateral Arrangements (No.2) Regulations 2003 and consequential amendments to other pieces of UK legislation including the Companies Act 1989, the Banking Act 2009 and the Financial Markets and Insolvency Regulations 1991.

An earlier draft of the statutory instrument was published on 31 October 2018 (our blog is here).