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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...

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UK insurers’ reorganisation and winding-up regime post-Brexit: 2004 Regulations, jurisdiction, third-country insurers, priority of insurance debts, PRA rules and FSMA 2023 revocation

Practice notes
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STOP PRESS

The Financial Services and Markets Act 2023 (FSMA 2023) revokes the 2004 Regulations (SI 2004/353) with effect from a date still to be appointed, alongside a range of other EU‑derived legislation. The government does not intend to begin revoking individual EU‑derived instruments and provisions unless the regulators have prepared and consulted on rules that are ready for enforcement, and only where it is appropriate that the provisions are replaced with rules. FSMA 2023 also updated the UK’s Insolvency regime for insurers, both to clarify certain points and to widen the protections available to an insurer and its Policyholders undergoing insolvency or write‑down procedures—the government consulted on these measures in 2021, and published its response in April 2022 (see News Analysis: Financial Services and Markets Bill sets out post‑Brexit framework for UK financial services, and LNB News 07/04/2022 78). The Prudential Regulation Authority (PRA) issued consultation paper CP3/23 on insurers in financial difficulty, setting out its proposed rules and policy in respect of those changes introduced (see: LNB News 08/02/2023 70) in February 2023, and thereafter PS12/23 providing feedback on the responses to the consultation and the PRA’s final policy in September 2023. The rules came into effect on...

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Geraldine Quirk
Geraldine Quirk chambers

Gerry has over 15 years’ experience advising clients in the insurance sector on a broad range of non—contentious issues. Gerry is one of the leading experts on portfolio transfer schemes, particularly in the legacy/run-off industry, and has developed a reputation as one of the ‘go to’ lawyers in this area. She is also a regulatory expert, advising on Solvency II, perimeter guidance, governance and conduct....

Web page updated on 22/05/2026

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