A draft version of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 has been laid before Parliament, alongside a draft explanatory memorandum.
The draft Regulations revoke the exclusion that applies to EEA firms providing information society services (ISS) of a financial services nature in the UK, which reflects the UK's implementation of the E-Commerce Directive (2000/31/EC) (ECD). The Regulations also make minor amendments to the UK-retained Solvency II Delegated Regulation ((EU) 2015/35). The Regulations also implement a run-off regime (the ECD run-off) for EEA ISS providers to service financial services contracts taken out before exit day under the ECD.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
