The package of documents published contains the majority of the final instruments and guidance, following the February publication of the FCA’s Policy Statement with near-final instruments.
Most of the instruments published have been made under powers given to the FCA under the EU (Withdrawal) Act. They have been approved by the Treasury, so the FCA can now make them final.
The final instruments are largely unchanged from the near-final versions, which were published in February. The most significant change is that the instruments now commence on ‘exit day’, rather than 11pm on 29 March. This change reflects the decision made at the European Council on 21 March, as well as the changes made by the European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) Regulations 2019.
The FCA has also published the majority of its final transitional directions and guidance for using the transitional power. The FCA has identified three additional areas where it has made amendments to the near-final directions published in February.
These changes relate to:
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UK managers of EEA UCITS funds
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the application of the Client Assets sourcebook (CASS) to activities carried on from an EEA branch, and
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the distance marketing provisions.
The FCA will publish information about technical standards under EU legislation on capital requirements, banking resolution and financial conglomerates later once the PRA have published similar information.
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