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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.

In this section

Our latest EU withdrawal updates

12 November 2019: 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 2019: We, HM Treasury, and the Financial Conduct Authority (FCA) published a Memorandum of Understanding (MoU) between HM Treasury, the Bank of England (Bank), Prudential Regulation Authority (PRA) and FCA. This sets out how the parties to the MoU expect to coordinate their respective functions in relation to equivalence and exemption determinations. These are new functions that will be transferred to UK authorities in the context of the UK’s withdrawal from the European Union and will come into effect from exit day.

This Memorandum of Understanding (MoU) is established in accordance with regulation 6 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019.  

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
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
  • PRA Direction: Temporary permission and variation: notification before exit day (amendment) (PDF)
    		•
    22 March
  • PRA Direction - Temporary permission and variation: notification before exit day (PDF) (supplements the PRA Direction issued in November 2018)
    		•
    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 

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    This page was last updated 12 November 2019
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