30 January 2020

FCA: Information for firms during the Brexit implementation period

During the implementation period, which is due to last until 31 December 2020, EU law will continue to apply. Firms and funds will continue to benefit from passporting between the UK and EEA. Consumer rights and protections derived from EU law will also remain in place.

There will therefore be no changes to the reporting obligations for firms, including those for MiFIR transaction reporting, under EMIR, and for CRAs, which will continue in line with existing EU regulatory requirements.

The windows for EEA firms to notify us that they want to use the Temporary Permissions Regime (TPR), or for fund managers to notify us of any funds they want to continue to market in the UK under the Temporary Marketing Permissions Regime (TMPR), will close at the end of 30 January.

Firms and fund managers that have already submitted a notification need take no further action at this stage. FCA will confirm its plans for reopening the notification window later this year, which will allow additional notifications to be made by firms and fund managers before the end of the implementation period.

Andrew Bailey, Chief Executive of the Financial Conduct Authority, said:

'The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes. The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.'

As things develop during the year, all financial services firms should consider how Brexit will impact their business and what action they need to take to be ready for 1 January 2021 to minimise risks to customers.

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