HM Treasury has published a draft version of the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019, accompanied by an explanatory note. The changes introduced by the SI will ensure that the UK continues to have robust confidential information with other regulatory and supervisory authorities. The SI:
- ensures that the same restrictions and protections which apply when UK regulators disclose confidential information to third country authorities apply to EEA member states after exit. This requires the UK to enter into cooperation agreements with EEA member states;
- removes the requirements on UK regulators to seek the consent of a European Supervisory Authority or EEA regulator before onwardly disclosing confidential information in cases where there is no equivalent provision in respect of third countries; and
- amends references to EU directives and institutions to reflect the UK’s new position outside the EU.
The Treasury notes that there are no PRA Rulebook or BTS changes planned in this area and intends to lay the SI before Parliament prior to exit.