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

22 March 2019: The supplementary PRA Direction: Temporary permission and variation: notification before exit day published on the Temporary permissions regime (TPR) webpage clarifies the position where a firm that has submitted a notification to enter the TPR wants to withdraw its notification before exit day.

20 March 2019: The Bank of England issued a news release ‘PRA and FCA agree Memorandum of Understanding (MoUs) with EBA’.

14 March 2019: On 7 March 2019, the Government legislated to allow Part VII of FSMA insurance business transfers underway pre-exit, up to two years (from exit day) for the parties to obtain a court order sanctioning the scheme under the pre-exit Part VII regime. Details of the criteria to be met by firms looking to use the Saving Provisions are available in the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019. Any insurers with EEA business contemplating undertaking a Part VII and whose transfer is not already underway, should make immediate contact with their PRA supervisory contact, or email the PRA Part VII Transfers team at Portfolio.Transfers@bankofengland.co.uk.

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.

2019 key communications

22 March 
20 March

14 March

We requested that any insurers with EEA business looking to use the Part VII of the Financial Services and Markets Act (FSMA) insurance business transfers: Saving Provisions available in the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, whose transfer is not already underway make immediate contact with their PRA supervisory contact, or email the PRA Part VII Transfers team at Portfolio.Transfers@bankofengland.co.uk.
5 March 
28 February
25 February
4 February

The Bank of England and European Securities and Markets Authority (ESMA) have agreed Memoranda of Understanding (MoUs) regarding cooperation and information-sharing arrangements with respect to central counterparties (CCPs) and central securities depositories (CSDs). 

24 January  We updated the financial market infrastructure supervision page with interim lists of third-country CCPs, third-country CSDs and EEA systems that will enter into the various temporary or transitional arrangements on exit day if the UK leaves the EU with no implementation period. 
7 January 

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 22 March 2019
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