These Regulations make consequential provision in exercise of the powers in section 41(1) and (5) of the European Union (Withdrawal Agreement) Act 2020 (c. 1) (“the Act”).

Regulation 1 provides that these Regulations come into force immediately before exit day, and in this respect paragraph 1(1) of Schedule 5 to the Act 2020, which would otherwise provide for the Regulations to be read as coming into force immediately before IP completion day, does not apply.

Regulations 2 to 13 amend a number of financial services temporary permissions and transitional regimes made under the European Union (Withdrawal) Act 2018 (c. 16) which are already in force, but which only have application on and after exit day. The amendments ensure that such provisions, instead, will only have application on or after IP completion day.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.