Tuesday 26 March 2019

UK: The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 were made yesterday: see here or here (pdf). They come into force on exit day* and are accompanied by an explanatory memorandum and an impact assessment: see, respectively, here (pdf) and here (pdf). The Regulations contain the framework for benchmarks that will apply on exit day should the UK leave the European Union without an implementation period. Further information has also been published by the Financial Conduct Authority, in particular concerning the UK Benchmarks Register: see here.

* Exit day

The European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) Regulations 2019 were laid in draft form before Parliament yesterday and will be debated in the House of Commons and House of Lords under the draft affirmative procedure. The purpose of these Regulations is to amend section 20 ("Interpretation") of the European Union (Withdrawal) Act 2018 in order to replace the exit day specified therein - 29 March 2019 at 11.00 p.m. - with either 22 May 2019, 11.00 p.m., or 12 April 2019, 11.00 p.m. The Government has published a short document explaining this legislative process: see here (pdf).

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