Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU

This SoP has been published as part of joint Bank of England and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’.

Overview

This joint Bank of England (Bank) and Prudential Regulation Authority (PRA) Statement of Policy (SoP) sets out the Bank’s and PRA’s approach to EU Guidelines and Recommendations in light of the UK’s withdrawal from the European Union (EU).

This SoP is relevant to all PRA-regulated firms, and all Bank-regulated financial market infrastructure providers (FMIs) operating, or intending to operate, in the UK. 

Implementation and next steps

This Statement of Policy is effective from the date of the UK’s withdrawal from the EU.