On 18 November 2020, there was published on legislation.gov.uk The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020. The statutory instrument updates references to “exit day” (31 January 2020) within substantive provisions of previous financial services EU exit instruments, where considered appropriate, so that they refer instead to the end of the transition period. In the statutory instrument itself, the term “IP completion day” is used, which is the defined term within the European Union (Withdrawal Agreement) Act 2020 for the end of the transition period.

The financial services EU exit instruments that the statutory instrument amends are:

  • The Friendly Societies (Amendment) (EU Exit) Regulations 2018;
  • The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018;
  • The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018;
  • The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018;
  • The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018;
  • The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018;
  • The Bank of England (Amendment) (EU Exit) Regulations 2018;
  • The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018;
  • The Short Selling (Amendment) (EU Exit) Regulations 2018;
  • The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018;
  • The Capital Requirements (Amendment) (EU Exit) Regulations 2018;
  • The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018;
  • The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019;
  • The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019;
  • The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019;
  • The Market Abuse (Amendment) (EU Exit) Regulations 2019;
  • The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019;
  • The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019;
  • The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019;
  • The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019;
  • The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019;
  • The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019;
  • The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019;
  • The Money Market Funds (Amendment) (EU Exit) Regulations 2019;
  • The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019;
  • The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019;
  • The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2019;
  • The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019;The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019;
  • The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019;
  • The Securitisation (Amendment) (EU Exit) Regulations 2019;
  • The Payment Accounts (Amendment) (EU Exit) Regulations 2019;
  • The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019;
  • The Insurance Distribution (Amendment) (EU Exit) Regulations 2019;
  • The Uncertificated Securities (Amendment and EU Exit) Regulations 2019;
  • The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019;
  • The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019;
  • The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019;
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019;
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019;
  • The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019;
  • The Capital Requirements (Amendment) (EU Exit) Regulations 2019;
  • The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019;
  • The Prospectus (Amendment etc.) (EU Exit) Regulations 2019; and
  • The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019.

The statutory instrument also substitutes reference to “exit” in the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018 with “IP completion day”.