HM Treasury has published guidance on the status of regulations relating to the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) following Brexit.
On exit day, the UK will no longer be subject to the jurisdiction of the ESAs and ESRB. Therefore, where the EU (Withdrawal) Act (Act) incorporates directly applicable EU legislation related to the ESAs and the ESRB into UK law, the Treasury will make SIs to amend or revoke those provisions as necessary. This guidance outlines the EU regulations which establish the ESAs and ESRB and provide the legal basis for their objectives and functions. Post-Brexit, HM Treasury intends to revoke them in their entirety. Guidelines and recommendations produced by the ESAs will not form part of UK law after exit day as they are not categorised as retained EU law under the Act. The UK financial regulators are consulting separately on their approach to these guidelines and recommendations.
Where there are other specific functions carried out by the ESAs which will need to be replicated in the UK, HM Treasury will use SIs to transfer those functions to the appropriate UK body.