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ARTICLE · 10 FEBRUARY 2021

The Revised Securitisation Regulation Regime In The UK

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It has now been just over a year since the United Kingdom (the "UK") left the European Union (the "EU"), at 11:00 pm on 31 January 2020.

United KingdomFinance and Banking
Merryn Craske
Merryn Craske
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Background

It has now been just over a year since the United Kingdom (the "UK") left the European Union (the "EU"), at 11:00 pm on 31 January 2020.  However, during the period from such time until 11:00 pm on 31 December 2020 (the "Brexit Transition Period"), the UK was treated as if it were an EU member state.   At the end of the Brexit Transition Period, EU legislation that was directly applicable in the UK up to that date was adopted as part of "retained EU law" by virtue of the European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020 (as so amended, the "EUWA").  In a process known as "onshoring", this body of retained EU law was then amended by hundreds of pieces of secondary legislation, with the aim of ensuring that such retained EU law operates effectively and of remedying any deficiency in such law.

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