On July 16, 2018, a revised draft of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was laid before Parliament. The Regulations will come into force the day after the day on which they are made.
The draft Regulations, which include some changes to the original draft published in April 2018, among other things empower the BoE, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator to make EU Exit instruments and to make any necessary amendments to the RTS and Implementing Technical Standards that comprise "level 2" of the EU financial services legislation that will be onshored (that is, converted into U.K. law) on the U.K.'s withdrawal from the EU. A schedule to the draft Regulations sets out a full list of technical standards that will be onshored and allocates responsibility for making EU Exit instruments to one or more of the regulators.
The draft Regulations have been prepared under the EU (Withdrawal) Act 2018, which sets out an enhanced scrutiny procedure for secondary legislation used to amend certain retained EU law. This means that the draft Regulations will require the approval of both Houses of Parliament before they are made.
The draft Regulations are available at: http://www.legislation.gov.uk/ukdsi/2018/9780111171394/pdfs/ukdsi_9780111171394_en.pdf, the draft explanatory memorandum is available at: https://www.legislation.gov.uk/ukdsi/2018/9780111171394/memorandum/contents, details of the proposed approach to onshoring EU legislation are available at: https://finreg.shearman.com/uk-government-and-regulators-set-out-approach-to- and details of the EU (Withdrawal) Act 2018 are available at: https://finreg.shearman.com/uk-brexit-legislation-receives-royal-assent.
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