Skip to main content

Financial Services: EU Law

Question for Treasury

UIN 187143, tabled on 1 November 2018

To ask the Chancellor of the Exchequer, how many provisions in financial and related regulations which require transposition into UK law in the event of the UK leaving the EU without a deal include thresholds measuring the proportion of (a) the entire EU market or (b) a specified number or grouping of member states.

Answered on

6 November 2018

The European Union (Withdrawal) Act 2018 (EUWA) repeals the European Communities Act 1972 on the day the UK leaves the EU and incorporates into UK domestic law the existing body of directly applicable EU law. The purpose of the EUWA is to provide a functioning statute book on the day we leave the EU.

In some instances, the retained EU law relating to financial services includes provisions that relate to thresholds measuring the proportion of the entire EU market or a specified number or grouping of member states. We are aware of four provisions in the Markets in Financial Instruments Regulations (MiFIR) (Article 5(1)(a) and 1(b), and subparagraphs (3)-(6) and subparagraph (9), Article 9(5), Article 14(5), Article 36(5)), five provisions in the Commission Delegated Regulation amending MiFID 565/2017 (Article 12 to 16) and one provision in the Commission Delegated Regulation 2017/567 (Article 5(1)(a) and (b)).

Answered by

Treasury
Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.