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

This is a Statement of Policy to deliver the general approach being taken to ensure there is a functioning legal framework when the UK leaves the EU.

First published on 18 April 2019

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.

Current version

Confirmed as final in October 2021, following near-final future version published July 2021. Updated on 17 December 2021 to incorporate those changes. Effective from Saturday 1 January 2022.

Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU’ – January 2022 (PDF)

Confirmed final by PS22/21 ‘Implementation of Basel standards’. First published as near-final as part of PS17/21 ‘Implementation of Basel standards’. Updated on 17 December 2021 to incorporate changes from PS29/21 ‘Review of Solvency II: Reporting (Phase 1)’.

Past versions

Published on 17 December 2021. Effective from 17 December 2021. (Superseded on 1 January 2022 by January 2022 version).
- Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU – December 2021 (PDF)
- Following PS29/21 ‘Review of Solvency II: Reporting (Phase 1)’

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Published on 18 December 2020. Effective from 11.00pm Thursday 31 December 2020. (Superseded on 17 December 2021 by December 2021 version).
- Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU’ – December 2020 (pdf)
- Following PS27/20 ‘The Bank of England’s amendments under the European Union (Withdrawal) Act 2018: Changes before the end of the transition period'

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Published: 18 April 2019
- Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU’ (PDF) – April 2019 (pdf)
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’.

Effective from: The date of the UK’s withdrawal from the EU
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Published: 28 February 2019
- Statement of Policy ‘Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU’(pdf)
Published as near-final 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’.

Effective from: No longer effective (superseded by the April 2019 version).

// Publication // Weekly report

13 January 2022

// Publication // Bank Liabilities Survey (BLS)

13 January 2022

// Publication // Credit Conditions Survey (CCS)

13 January 2022

// Publication // Working Paper

07 January 2022

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