On January 28, the UK Government published the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations). This is in response to the passing by the UK Parliament of the Withdrawal Act on Thursday last week, and in anticipation of the UK’s withdrawal from the EU (and start of the implementation period) on January 31 (for more information, please see the January 24 edition of Corporate & Financial Weekly Digest).

As part of its preparations for Brexit, the UK Government passed a number of regulations to create temporary permissions and transitional regimes for the financial services sector. The purpose of the Regulations is to confirm that these temporary permissions and transitional regimes will take effect from the expiration of the implementation period, which is expected to end on December 31.

In particular, the Regulations amend the following secondary UK legislation:

The Regulations are available here and the explanatory memorandum is available here.