Draft UK Post-Brexit Legislation Published To Onshore The EU Central Securities Depositories Regulation

On October 22, 2018, HM Treasury published a draft of the Central Securities Depositories (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations:

• make technical changes to address deficiencies in the retained EU Central Securities Depositaries Regulation and related U.K. implementing legislation, to ensure that the U.K. regulatory framework for CSDs remains operative in the event of a "no-deal" scenario, in which the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement. A "no-deal" scenario would mean that there would be no transitional period following Brexit and that the U.K. would be treated as a third country by the EU after exit day;