EU withdrawal

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

Our latest EU withdrawal updates

22 September 2020: Jointly with the Bank of England, we published Consultation Paper 13/20 ‘UK withdrawal from the EU: Changes before the end of the transition period’. Responses are requested by Tuesday 17 November 2020.

We have also published a report on the Bank’s and PRA’s use of sub-delegated powers under the EU (Withdrawal) Act 2018. HM Treasury laid this report in Parliament on 17 September. The Bank and PRA must submit this report to Parliament annually if they exercise the relevant sub-delegated powers. This covers the financial year ending 29 February 2020.

18 September 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member), we published an updated version of the Regulatory Initiatives Forum’s grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months.

2 September 2020: It is important that firms are operationally prepared to enter the Temporary Permissions Regime (TPR) and are able to meet the PRA’s regulatory requirements that will apply to firms once they are in the TPR. To support firms, on Wednesday 2 September, we published a letter to all PRA-regulated firms ‘Letter from Sam Woods ‘Temporary Permissions Regime – Operational readiness’, alongside this we also published the ‘Operational readiness for the Temporary Permissions regime’ webpage which summarises the PRA’s approach to the TPR and highlights the key requirements for firms.

30 June 2020: We published Consultation Paper (CP) 5/20 ‘Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period’ alongside a draft Statement of Policy on the same topic.

7 May 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator and HM Treasury (as observer member), we published the Regulatory Initiatives Forum’s first grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 12 months.

30 April 2020: Joint with the Bank we published a ‘Joint Bank and PRA statement on the proposed use of temporary transitional powers at the end of the transition period’, which relates to HM Treasury’s publication of their intention to ‘shift’ the temporary transitional power. 

10 March 2020: We published a speech from Vicky Saporta, Executive Director of Prudential Policy, at the International Business and Diplomatic Exchange 2020 Annual Conference on 'The ideal post-EU regulatory framework'. 

28 February 2020: We published a letter on ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’ from Anna Sweeney, Executive Director of Insurance Supervision, to relevant PRA-regulated insurance firms. 

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 Monetary Policy 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.

2020 key communications

22 September  
30 April
10 March

28 February

2019 key communications

12 November 

On Thursday 31 October 2019 the European Insurance and Occupational Pensions Authority (EIOPA) published member state responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. The responses are available on EIOPA’s website.

The French regulator, Autorité de contrôle prudentiel et de résolution (ACPR), has indicated in its response that it does not intend to comply with EIOPA’s Recommendation 6, relating to insurance policies originally sold in the United Kingdom by UK insurers to policyholders now resident/established in France.

For more information please see the ‘PRA Statement on Autorité de contrôle prudentiel et de résolution (ACPR) response to EIOPA Recommendations for the Insurance Sector in light of the United Kingdom’s withdrawing from the European Union’.

17 October Established in accordance with regulation 6 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019. Authority and the Financial Conduct Authority expect to coordinate their respective functions in relation to equivalence and exemption determinations.
25 July  Joint Bank of England/PRA Consultation Paper 18/19 ‘UK withdrawal from the EU: Changes following extension of Article 50’. Responses to the consultation are requested by Wednesday 18 September 2019.
13 June  Update to PS5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’ to add Appendix B.2A which makes a small amendment to the PRA Rulebook: (EU Exit) Instrument 2019 in Appendix B.2. This updates the date on which new liquidity reporting rules are commenced, to take account of the extension of the Article 50 negotiating period and consequent change in exit day. 
18 April

Regulatory framework in a no-deal scenario page provides an update on the legal and regulatory framework that would apply in a no-deal scenario.

28 March
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 September 2020

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