Treasury Calls For 'In-Flight' Rules For No-Deal Brexit
Law360, London (January 29, 2019, 3:56 PM GMT) -- An HM Treasury minister told a parliamentary committee on Tuesday that legislation is needed to provide the U.K. with powers to implement or amend European Union financial regulations if the country crashes out in a no-deal Brexit.
John Glen, economic secretary to the Treasury, said measures in the Financial Services (Implementation of Legislation) Bill would give the department the power to implement and amend a list of so-called in-flight financial services legislation if Britain leaves the EU on March 29 without securing an agreement with Brussels.
"It is a mechanism to consider whether to onshore regulations that are ‘in-flight’ and in discussion within...
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