Reform tracker

Take a quick overview of the major changes planned in financial services regulation with the Reform Tracker. Entries are colour-coded to reflect their current status: from blue-sky consultations to imminent implementation. Use the search bar and filters below to narrow your focus by country and sector. Alternatively, use the Regulatory Timeline tool for more information on timetables and deadlines.
  • Blue: No legislative proposal as of yet
  • Green: Legislative proposals published but not yet adopted/finalised
  • Yellow: Legislation in force but main substantial provisions not yet effective
  • Red: Legislation in force and main, substantial provisions now effective
  • Grey: Not proceeding
  • Magenta: No longer updated

Showing 1 - 1 of 1 matches filtered by 'Brexit'

  • Subject:
    Brexit
    Status:
    A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.
    Last updated:
    20/11/2019
    Overview/summary:

    A referendum on the United Kingdom's membership of the European Union was held on 23 June 2016. On 24 June 2016, it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave.

    Following the referendum a large number of publications have been issued - please click here to access these on the Brexit & EU reform page.

     

    Publications by date:

    March 2011

    People's Pledge campaign for a referendum is launched.

    8 September 2011

    A petition calling for a referendum on EU membership, signed by 100,000 people, is handed into Downing Street.

    24 October 2011

    The motion calling for a referendum on EU membership is defeated in the Commons by 483 votes to 111.

    22 January 2013

    David Cameron says that if the Conservatives win the next election they would seek to renegotiate the UK's relationship with the EU and then give the British people the "simple choice" in 2017 between staying in the EU under those terms or leaving the EU.

    5 July 2013

    The Conservative backbencher James Wharton brings forward a bill to enshrine in law his party's pledge to hold an in/out referendum in 2017. It passes its second reading by 304 votes to 0. It goes on to clear all its Commons hurdles before falling in the House of Lords.

    26 October 2014

    Conservative backbencher Bob Neill brings back the EU Referendum Bill as a Private Member's Bill. It passed its first Parliamentary hurdle with no opposition.

    28 October 2014

    The Conservatives accuse their coalition partners the Lib Dems of blocking the EU Referendum Bill after the two parties fail to reach an agreement which would have allowed the bill to get the necessary parliamentary time to become law.

    8 May 2015

    The Conservatives win a majority in the House of Commons in the general election - theypledge to hold a referendum on the UK's membership of the EU by the end of 2017.

    February 2016

    Following a meeting of the European Council, the UK/EU settlement was published.

    This was followed by HMG's publication of the 'best of both worlds' report and the announcement that the referendum is to take place on 23 June 2016.

    24 June 2016

    Following the referendum of 23 June 2016, the UK announced that it is to leave the EU.

    08 March 2018

    Department for exiting the EU (DExEU) published a statement guaranteeing. Gibraltar financial services firm’s access to UK markets as now until 2020.

    19 March 2018

    UK and EU publish draft withdrawal agreement highlighting text agreed by negotiators. The entire part dealing with the transition period is highlighted as agreed text.

    04 April 2018

    The House of Commons Exiting the European Union Committee (Committee) published a report on the future UK-EU relationship. This report looks at the EU's existing relationships with other countries (Canada, Ukraine, Switzerland, Norway and Turkey), and at trading on World Trade Organization (WTO) terms in the absence of a trading agreement.

    7 June 2018

    On 7 June, HM Treasury updated the EU Scrutiny Committee on implications of Brexit negotiations on UK representation in ESAs.

    26 June 2018

    The European Union (Withdrawal) Act 2018 received royal assent.

    3 July 2018

    The European (Withdrawal) Act (2018) (Commencement and Transitional Provisions) Regulations 2018 were made

    12 July 2018

    The government's white paper on the future UK-EU relationship, published on 12 July 2018, reiterates that the government's policy is for the UK to leave the single market and the customs union, and gain flexibility to conclude new international trade agreements, making particular mention of agreements on trade in services.

    16 July 2018

    HM Treasury published a draft version of the Consumer Credit (Amendment) (EU Exit) Regulations 2018, together with a draft explanatory memorandum.

    16 July 2018

    Draft version of the Financial Regulators' Powers (Technical Standards) (Amendment etc) (EU Exit) Regulations 2018 was published on legislation.gov.uk, together with a draft explanatory memorandum.

    16 July 2018

    HM Treasury published a draft version of the Friendly Societies (Amendment) (EU Exit) Regulations 2018, together with an explanatory memorandum

    15 August 2018

    HM Treasury published a draft version of the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, together with an explanatory information document.

    28 August 2018

    The House of Commons Library published a briefing paper which looks at proposals in the government’s white paper on the future UK-EU relationship published on the 12 July 2018.

    29 August 2018

    The government has published a technical notice on trade remedies if no Brexit deal is reached.

    5 September 2018

    A draft version of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, together with an explanatory memorandum, were published on legislation.gov.uk.

    14 September 2018

    The FCA published a direction clarifying how an EEA market operator can make an application to become a recognised overseas investment exchange (ROIE).

    5 February 2019

    Bank of England and ESMA have reached agreement on memorandums of understanding on the recognition of UK central counterparties and central securities depositories in the event of a no-deal Brexit.

    19 February 2019

    EIOPA has published recommendations providing guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU in the event of a no-deal Brexit.

    19 March 2019

    ESMA has published a statement outlining its approach, in the event of a no-deal Brexit, to the application of the trading obligation for shares under article 23 of the Markets in Financial Instruments Regulation (600/2014) (MiFIR) in the absence of a European Commission equivalence decision in respect of the UK.

    20 March 2019

    Council of the EU and the European Parliament have decided not to object to Delegated Regulations that exempt the Bank of England from certain requirements under four EU Regulations after Brexit:

    (i) Market Abuse Regulation (596/2014) (MAR);

    (ii) Markets in Financial Instruments Regulation (600/2014) (MiFIR);

    (iii) Regulation on reporting and transparency of securities financing transactions ((EU) 2015/2365) (SFTR); and

    Regulation on OTC derivative transactions, central counterparties and trade repositories (648/2012) (EMIR).

    11 April 2019

    The European Commission adopted a proposal for a Council Decision amending Council Decision (EU) 2019/274 on the signing, on behalf of the European Union and of the European Atomic Energy Community, of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community together with the text of the withdrawal agreement itself.

    11 April 2019

    The UK government and the European Commission agreed technical amendments to the draft withdrawal agreement on 11 April 2019, which include bringing the commencement date in line with the agreement to extend the Article 50 period, which postponed the UK's exit from the EU.

    9 July 2019

    The Economic and Financial Affairs Council formally adopted a Regulation on measures concerning the implementation and financing of the general budget of the Union in 2019 in relation to the withdrawal of the UK from the EU.

    The Council Regulation will now be published in the Official Journal and will enter into force on the following day. It will apply from the date following that on which the Treaties cease to apply to the UK. However, it will not apply if a withdrawal agreement has entered into force by the withdrawal date.

    4 September 2019

    The European Commission published a Communication (COM (2019) 394) on finalising preparations for the withdrawal of the UK from the EU. This is the Commission’s sixth Communication on the matter. In the event of a “no-deal” Brexit, the UK would become a third country and all EU law would cease to apply to and in the UK without any transitional arrangements.

    9 September 2019

    The Financial Services (Implementation of Legislation) Bill 2017-19 fell as it did not receive Royal Assent in the session in which it was introduced.

    12 September 2019

    The FCA published the first addendum to the Memorandum of Understanding it entered into with the Hong Kong Securities and Futures Commission in October 2018 on the mutual recognition of covered funds between the UK and Hong Kong.

    16 September 2019

    The FCA published a speech by Andrew Bailey, FCA Chief Executive, on the status of preparations for a no-deal Brexit and the remaining issues that require further action, including:

    -The share trading obligation and the derivatives trading obligation.

    -Clearing.

    -Uncleared derivatives.

    -Progress on contract repapering

    27 September 2019

    Ofgem published a letter outlining no-deal Brexit REMIT contingency arrangements. This summarises the arrangements as set out in Ofgem’s letter dated 1 March 2019, which covered monitoring and enforcement, registration, and data reporting.

    17 October 2019

    HM Treasury, the FCA, the PRA and the Bank of England published a memorandum of understanding on equivalence and exemptions. This sets out how the parties expect to co-ordinate the discharge of their respective functions relating to equivalence and exemption determinations, and the provision of information or advice relating to these determinations.

    29 October 2019

    European Council and the UK formally agreed a third extension to the Article 50 period. European Council Decision (EU) 2019/1810 formally extends the Article 50 period by up to three months. This means that the UK will leave the EU at the end of the month in which ratification of the revised withdrawal agreement is concluded, up to 23:00 on 31 January 2020 (UK time).

    30 October 2019

    European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 3) Regulations 2019 came into force.

    The regulations amend the definition of “exit day” in the European Union (Withdrawal) Act 2018 to 31 January 2020 at 23:00.

    31 October 2019

    FCA published revised directions for the following:

    -EEA firms with passports and Treaty firms;

    -EEA collective investment schemes;

    -Authorised payment institutions and EEA registered account information service providers;

    -EEA alternative investment funds; and

    -E-money institutions.

    Further past dates are accessible via the RegZone newsfeed here.

    Reform Tracker - sector future dates:
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