Great Repeal Bill: The challenge of transcribing EU financial regulation into UK laws for post-Brexit Britain.

Reporter: Farah Khalique

Publication: Global Risk Regulator


Deadline: Apr 21, 2017 1:00 pm

How will Britain adequately transcribe EU laws on financial regulation into UK law? The main ones are: MiFID II; MiFIR; MAR; CRR; and CRD. What are the challenges of transcribing these into UK law? E.g. how will references to EU institutions such as the European Commission be changed? What is the British equivalent to these bodies – if they exist – and will new bodies need to be created? What are the key areas for concern? E.g. how much power does the government have to make amendments as they transcribe the rules? I need a sense of the scale of the exercise, the potential pitfalls and solutions, concerns for the City, and any possible issues with equivalence between the UK’s regime and the EU’s. This isn’t the first time a country has split, e.g. India/Pakistan, the break-up of Yugoslavia, the demise of USSR….many countries were, at one time, part of an empire and have since gone on to find independence. Is there something we can learn from those experiences? I need to speak to leading law firms (please no smaller firms) and relevant trade associations that represent financial institutions in the City of London.

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