Overview

Banking and Financial Services
Last updated: 29 March 2017

Bird & Bird's EU Legislation Tracker highlights Regulations and Directives scheduled to take effect or to be implemented by Member States in the period to the UK's departure from the EU. It does not provide an exhaustive survey. Instead, we have sought to summarise some of the key legislation, both draft and finalised, which we are tracking in the run up to Brexit and which are likely to be of interest to companies which do business in the UK and/or elsewhere in Europe. 

The Tracker includes a short commentary on the substance of each of the measures identified, and a timeline for their known or likely effective dates (for Regulations) or implementation deadlines (for Directives). These are colour coded by reference to the likely date of Brexit.

For the purposes of the Tracker, we have assumed that the UK will exit the EU two years from its service of Article 50 notice (i.e. 29th March 2019). Ultimately the UK's Great Repeal Bill will determine whether the UK will retain, implement, amend or repeal the legislation summarised in our Tracker and the date when this will happen.

Key
Implementation status 
  Implementation deadline/effective date likely to be pre-Brexit
  Implementation deadline/effective date likely to be post-Brexit
 
 Timeline  EU legislation
 

Implementation deadline

26 June 2017

 
Fourth Money Laundering Directive (MLD4) ((EU) 2015/849)
  • The EU's new anti-money laundering legislation.
  • Companies House register of beneficial owners will need to list details of entities which currently avoid the need to be registered (e.g. trusts). It will also need to be "current", (registering any change in beneficial ownership within six months of the change.) 

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Takes effect:

26 June 2017

 
Revised Wire Transfer Regulation (WTR2) ((EU) 2015/847)
  • Complementary legislation to MLD4 which introduces a range of measures to combat money laundering and terrorism financing.
  • It clarifies that a person-to-person (natural persons) transfer of funds using payment card, e-money instrument, a mobile phone or any other digital technology falls within the WTR2 ambit.

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Implementation deadline:

3 July 2017 (followed by a 6 month transitional period expiring 3 January 2018)

 
Second Markets in Financial Instruments Directive (MiFID II) ((EU) 2014/65)
  • The EU's second piece of legislation which regulates firms providing financial instruments and the venues where they are traded.
  • MiFID II increases the scope of MiFID to include emissions allowances and unregulated multilateral discretionary trading platforms (e.g. broker crossing networks), which will now be defined as organised trading facilities.

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Implementation deadline:

13 January 2018

 
Second Payment Services Directive (PSD2) ((EU) 2015/2366)
  • The second chapter of the EU's modernising payments industry legislation.
  • Applies to payment service providers (e.g. credit card companies), payment initiation service providers (e.g. banking software providers) and account information service providers (e.g. wallet or comparison apps).

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