Tuesday 26 March 2019

UK: The Securitisation (Amendment) (EU Exit) Regulations 2019

The Securitisation (Amendment) (EU Exit) Regulations 2019 were made yesterday: see here or here (pdf). Regulation 1 provides that the Regulations come into force on exit day*, with the exception of Part 3 which comes into force immediately after Part 10 of the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019. Further information about the Regulations is available in the accompanying explanatory memorandum: see here (pdf). An impact assessment has also been published: see here (pdf).

* 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).

No comments: