(This note is not part of the Regulations)
These Regulations are made in exercise of the powers in section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c.16), in order to address failures of retained EU law to operate effectively and other deficiencies (in particular the deficiencies under paragraphs (b), (c) and (e) of section 8(2) of the Act) arising from the withdrawal of the United Kingdom from the European Union. Regulation 2 amends a temporary designation regime created by the Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341) that relates to the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979). Temporary designation is being extended by a further two years in a case where a system operator notified the designating authority before IP completion day but does not make an application under section 3(1) of the 1999 Regulations within the 6 month period that began on 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.