Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

UK Benchmarks Regulation after Brexit: onshoring and statutory changes, FCA register and rules, third-country/equivalence regimes, transitional measures, and powers for critical benchmarks (LIBOR)

Published by a LexisNexis Financial Services expert

Practice notes

This concise guide explains which UK enactments and retained EU measures were altered and/or repealed by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, SI 2019/657 (the Benchmarks Exit Regulations), together with other instruments at the close of the Implementation period following the UK’s departure from the EU, and highlights matching updates to the Financial Conduct Authority’s (FCA) rules and guidance.

Overview of onshored and preserved EU-derived law post-IP completion day

The Benchmarks Exit Regulations were laid on 25 March 2019. They sat within HM Treasury’s series of statutory instruments made under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) to provide contingency arrangements for a no-deal Brexit. As part of the wider effort to onshore EU law, they aimed to maintain legal continuity once the UK left the EU. The EU(W)A 2018 was later amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which enables ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement set out how the UK would leave the EU. It provides for a transition period (or, using the UK government’s terminology, an ‘implementation period’) scheduled to begin on a set date...

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Web page updated on 22/05/2026

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