This draft SI is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU. The main purpose of this draft SI is to onshore the Electronic Money Regulations 2011, the Payment Services Regulations 2017 and parts of the Financial Services (Banking Reform) Act 2013 and the Banking Act 2009.
This draft instrument is still in development and is not final. The drafting approach, and other technical aspects of the proposal, may change before the final instrument is laid before Parliament.
HM Treasury has set out further information on its approach to financial services legislation under the European Union (Withdrawal) Act 2018 (“EUWA”).
In June, the PSR also set out its approach to financial services legislation under the EUWA.