(This note is not part of the Regulations)
These Regulations are made in exercise of the powers in section 8 of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in subsection (2)(b), (c), (d), (e) and (g) of section 8). They amend the regulation on short selling and certain aspects of credit default swaps (Council Regulation (EU) No 236/2012) and the delegated legislation made by the Commission under that Regulation. They also amend Part 8A of the Financial Services and Markets Act 2000 which implemented parts of Regulation (EU) No 236/2012.
An impact assessment of the effect that this instrument, and other instruments made by HM Treasury under the European Union (Withdrawal) Act 2018 at or about the same time, will have on the costs of business, the voluntary sector and the public sector will be available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and will be published alongside this instrument at www.legislation.gov.uk.