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10 October 2018

The FCA consults on its approach ahead of the UK’s exit from the EU

The Financial Conduct Authority set out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also laid out its approach to the regulation of Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers.

Amendments to Handbook and Binding Technical Standards (BTS)

This consultation paper proposes changes that may need to be made to the FCA Handbook and BTS, whilst setting out the FCA’s approach after Brexit to EU non-legislative material. The majority of the changes are consequential to those proposed by the Government under the European Union (Withdrawal) Act 2018. For example, changes include removing references to EU institutions, such as the European Commission or the European Supervisory Authorities, which will be replaced with the relevant UK equivalent. In a small number of cases, the FCA is proposing other types of changes that reflect the UK’s new position outside of the EU. Feedback is invited on the approach taken to all of the amendments. The FCA is not proposing policy changes unrelated to Brexit. 

The FCA particularly welcomes feedback on whether compliance with changes to regulatory requirements by exit day would be a particular challenge for firms. The FCA does not however expect firms and others subject to our proposals to prepare now to implement any new requirements.

Temporary Permissions Regime

The paper sets out how EEA firms and investment funds can continue to carry on regulated business in or into the UK for a limited period after Brexit while seeking full authorisation in the UK. The regime will only be available from 29 March 2019 if the UK leaves the EU without an implementation period.

The consultation paper sets out details of how the FCA expects the regime to work in practice, how firms and investment funds can enter into it, how long it will operate for, and the rules it proposes that should apply to firms and investment funds while they are part of it.

Both consultations are open until 7 December 2018.

Full news

Amendments to Handbook and Binding Technical Standards

Temporary Permissions Regime

© FCA - Financial Conduct Authority

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