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ARTICLE · 13 MARCH 2019

Draft Electronic Commerce And Solvency 2 (Amendment Etc.) (EU Exit) Regulations 2019 Laid Before Parliament

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A draft version of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 has been laid before Parliament, alongside a draft explanatory memorandum.

United KingdomFinance and Banking
Stephen Hancock
Stephen Hancock
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A draft version of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 has been laid before Parliament, alongside a draft explanatory memorandum.

The draft Regulations revoke the exclusion that applies to EEA firms providing information society services (ISS) of a financial services nature in the UK, which reflects the UK's implementation of the E-Commerce Directive (2000/31/EC) (ECD). The Regulations also make minor amendments to the UK-retained Solvency II Delegated Regulation ((EU) 2015/35). The Regulations also implement a run-off regime (the ECD run-off) for EEA ISS providers to service financial services contracts taken out before exit day under the ECD.

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