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On 22 October 2018, the Treasury confirmed in its explanatory notice on the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 that, should EMIR REFIT come into force before exit day in the event that the UK leaves the EU without a deal or an implementation period, the EU temporary exemption for Pension Scheme Arrangements would be brought into UK law under the European Union (Withdrawal) Act 2018.
On 22 November 2018, the Treasury introduced draft legislation, the Financial Services (Implementation of Legislation) Bill, that would allow the UK to domesticate changes brought under EU law by EMIR REFIT (and other files in negotiation at the point of exit), should it be agreed by the EU in the two years after exit day in a ‘no-deal’ scenario. Through introducing amendments to incorporate the temporary EU exemption for Pension Schemes Arrangements, it is the Treasury’s intention that the exemption will apply to both UK and EEA Pension Scheme Arrangements.
The proposed Financial Services (Implementation of Legislation) Bill.