4 May 2019
Brexit Update: May
Includes an open letter on the withdrawal agreements from the Sectretary of State, Steve Barclay MP, speech by Sam Woods (PRA) on post-Brexit regulation, and guidance relating to the compliance with the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019.
Open letter regarding the Withdrawal Agreement from Secretary of State Steve Barclay MP to Rt Hon John Redwood MP
On 14 May 2019, the open letter regarding the Withdrawal Agreement from Secretary of State Steve Barclay MP in response to Rt Hon John Redwood MP’s open letter to the Attorney General Geoffrey Cox was published.
Secretary of State Steve Barclay’s Speech at the Future of Europe Conference at Sibiu, Romania
On 9 May 2019, the Secretary of State Steve Barclay delivered a speech at the
Future of Europe Conference at Sibiu, Romania.
Post-Brexit Style of Regulation – Speech by Sam Woods (PRA)
On 16 May 2019, Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, gave a speech at the UBS Financial Institutions Conference in Lausanne. Woods discussed the “style” of regulation the UK should aim for after Brexit and explored the differences between the UK and EU approaches to implementing regulatory rules. Woods argued that using an existing UK approach, in the form of the legislative model adopted for introducing the Senior Managers and Certification Regime, is the best way to deliver the six principles above. A copy of the speech is available.
Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019 – Guidance
On 3 May 2019, the UK Government provided statutory guidance to assist in the implementation of and compliance with the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019. The document contains guidance on the prohibitions and requirements imposed by the Regulations. It additionally provides guidance on best practice for complying with the prohibitions and requirements; the enforcement of them; and circumstances where they do not apply. The document is intended to be read alongside more detailed sanctions guidance published by departments including the Department for International Trade, Home Office and HM Treasury, through the Office of Financial Sanctions Implementation.