Single Rulebook enables switch between UK and EU regulation
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Single Rulebook enables switch between UK and EU regulation 25 February 2021UK Reporter: Maddie Saghir
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Single Rulebook, an integrated software platform for the management of regulatory rules, has launched new functionality and tools to enable clients to compare and work effectively across existing EU regulations.
Such regulations include the European Market Infrastructure Regulation (EMIR) and the second Markets in Financial Instruments Directive (MiFID II).
Following the end of the Brexit transition period on 31 December 2020, regulated firms must now navigate and comply with two sets of rules across the EU and UK regulatory regimes.
Single Rulebook explains this significantly increases the scope and workload of Legal and Compliance teams across the UK and Europe.
The new functionality and tools available on Single Rulebook allow users to research, annotate and work with both texts side by side.
Interactive rule maps provide cross references between all UK and EU regulation, Q&As, guidelines and opinions, so that users can easily click between and match an existing EU article to the new UK rule, says Single Rulebook.
Wim Nelen, CEO and founder of Single Rulebook, comments: “Following a challenging transition period for many of our clients in the financial services sector, we are delighted to launch this important new functionality which makes it easier to work efficiently with both the UK and EU regulatory regimes.”
Nelen adds: “Our clients can now click straight through from a Regulatory Technical Standard (RTS) in MiFID II through to the corresponding new rule in the FCA Handbook, removing the complexity and reducing the time spent navigating two separate regimes.”
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