UK:
Draft Electronic Commerce And Solvency 2 (Amendment Etc.) (EU Exit) Regulations 2019 Laid Before Parliament
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A draft version of the Electronic Commerce and
Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 has been
laid before Parliament, alongside a draft explanatory memorandum.
The draft Regulations revoke the exclusion that applies to EEA
firms providing information society services
(ISS) of a financial services nature in the UK,
which reflects the UK's implementation of the
E-Commerce Directive (2000/31/EC)
(ECD). The Regulations also make minor amendments
to the UK-retained Solvency II Delegated Regulation ((EU) 2015/35).
The Regulations also implement a run-off regime (the ECD run-off)
for EEA ISS providers to service financial services contracts taken
out before exit day under the ECD.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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