Legal experts have urged financial services firms to take a hand in the scrutiny of EU legislation being transferred into UK law, citing the risk of problems arising down the line if legislators are overwhelmed with the sheer volume of new statutory instruments (SIs).
Under the country’s Withdrawal Act, a significant aspect of Brexit involves the transfer of European regulations and directives into UK law.
This process can be as straightforward as changing the names of EU authorities to the relevant UK supervisors, but commentators remarked that with 800 to 1,000 such SIs anticipated as being needed the likelihood of negative ramifications in future was high.
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