EU withdrawal

The UK’s withdrawal from the EU (Brexit) is a large and complex process that has significant implications for the way we discharge our responsibilities.

Our latest EU withdrawal updates

7 January: We updated the temporary permissions (TPR) webpage with four items to:

i. Reflect that the TPR Notification form is now available on the FCA Connect system (see the ‘Eligibility criteria and notification process for firms to enter into the TPR’ section).
ii. Publish a note that clarifies the interaction between the PRA’s and FCA’s proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR) (see the ‘Senior Managers and Certification Regime and the TPR’ section).
iii. Add a note in the ‘Gibraltar firms’ section that HM Treasury confirmed in December 2018 that a statutory instrument would be laid prior to exit allowing for the continuation of Gibraltarian firms’ deemed passporting rights.
iv. Add a note in a new section for ‘Pure reinsurers’ about entry to the TPR.

20 December: Following the communications on 25 October, we published a joint Bank/PRA Consultation Paper 32/18 ‘UK withdrawal from the EU: Further changes to – PRA Rulebook and Binding Technical Standards – Resolution Binding Technical Standards’.

Responses to this consultation are requested by Monday 21 January 2019.

17 December: The Government published a draft of the statutory instrument, the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, that will establish, subject to parliamentary approval, a Financial Services Contracts Regime to ensure that those EEA firms that do not enter the temporary permissions regime (TPR), and those that exit the TPR without UK authorisation, are able to wind down their UK regulated activities in an orderly manner. See the Financial Services Contracts Regime webpage for more information.

4 DecemberWe published Agents’ survey on preparations for EU withdrawal and results from the Decision Maker Panel survey

Our work on EU withdrawal

The United Kingdom’s withdrawal from the European Union is a large and complex process that has significant implications for the way we discharge our responsibilities. Many parts of the Bank have worked closely together to assess the potential impact of EU withdrawal on our policy objectives of monetary and financial stability.

Our key communications

Our work in relation to EU withdrawal is covered in further detail in a number of Bank regular publications, including our Inflation Report, Financial Stability Report, speeches and annual reports

In addition, we have also made a number of communications to firms on EU withdrawal. These are covered in the list below.

2018 key communications

20 December 
19 December
4 December 
28 November 
7 November 
6 November 
25 October 
24 July 
24 July 
27 June  See Table A.2 on page 9 of the Financial Stability Report – June 2018 for ‘FPC judgement of progress against actions to mitigate the risk of disruption to end users of financial services as at 22 June 2018’ 
27 June  HM Treasury sets out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act
27 April  HM Treasury and the European Commission have asked the Bank of England and the ECB to convene a technical working group on risk management 
28 March  The Bank of England welcomes the agreement between the UK and EU27 that there should be an implementation period until the end of 2020 as part of the UK’s Withdrawal Agreement with the EU  
28 March 
28 March 
28 March   
28 March   
16 March   

2017 key communications

20 December  The Bank of England is announcing today that it is consulting on an updated approach to authorising and supervising international banks and insurers 
20 December   
20 December   
7 April 
This page was last updated 07 January 2019
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