A draft U.K. statutory instrument to onshore into U.K. law, post-Brexit, the revised European Market Infrastructure Regulation (known as EMIR Refit) has been published - The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019.
EMIR Refit was published in the Official Journal of the European Union on May 28, 2019 and, for the most part, has applied directly across the EU since June 17, 2019.
The draft Regulations will make amendments to existing U.K. legislation as well as U.K. EMIR and other EU Exit legislation to accommodate certain changes as a result of EMIR Refit. The intention is to ensure that U.K. EMIR is still operable in the U.K. after the U.K. leaves the EU. In particular, the draft Regulations:
The EMIR Refit provisions that do not come into force before October 31, 2019 are not (yet) being onshored. These are:
View the draft Regulations.
View the Explanatory Memorandum to the draft Regulations.
View details of EMIR Refit.
View details of the U.K.'s implementation of EMIR Refit.
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