Banking and Financial Services
Last updated: 25 June 2018

Bird & Bird's EU Legislation Tracker highlights Regulations and Directives scheduled to take effect or to be implemented by Member States in the period prior 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 the Article 50 notice (i.e. on 29th March 2019). However, a transitional period is expected to follow, until the end of 2020, during which the UK will be required to continue to align its laws with those of the EU Single Market and Customs Union. It is currently expected that the EU Withdrawal Bill will be enacted with effect from the exit date and that the resulting Act will retain all EU Regulations (and statutory instruments implementing EU Directives) in UK domestic law. However, the Act is also expected to enable amendments to such Regulations by statutory instruments during a two-years period, and this process will determine the final form, in UK domestic law, of such legislation now summarised in our Tracker.

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:

18 months after it is published in the
official journal of the EU

 
Fifth Money Laundering Directive (MLD5) ((EU) 2016/208)
  • The European Parliament has adopted the EU Commission's proposal for a Fifth Money Laundering Directive ("MLD5") to amend and expand upon MLD4.
  • Under MLD5, virtual currency exchange platforms and custodian wallet providers are to be brought within the scope of MLD4.

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Implementation deadline:

14 September 2019

  Strong Customer Authentication Regulation (C(2017)7782) (SCA Regulation) to the Second Payment Services Directive (PSD2) ((EU) 2015/2366)
  • PSD2 updates the EU's primary piece of legislation on the regulation of the payment services industry.
  • The SCA Regulation specifics the requirements under Article 98 of PSD 2 the exemptions from the application of SCA, the requirements that have to be met to comply with SCA and the requirements for common and secure open standards of communication between account servicing payment service providers, payment initiation service providers, account information service providers, payers, payees and other payment service providers.

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