Additional FCA consultation on Brexit plans

The Financial Conduct Authority (FCA) has announced a further consultation on its approach to the UK’s exit from the EU, setting out additional proposals to prepare for the possibility the UK leaves the EU on 29 March 2019 without an implementation period

The consultation, which follows an earlier announcement in October, contains additional proposals on how the regulator will amend its handbook and EU derived binding technical standards (BTS) if there is no implementation period after Brexit.

The consultation paper principally focuses on a range of handbook and BTS amendments which were not included in the papers issued in October. 

It consults on further amendments to the handbook regarding the temporary permissions regime; amendments to the handbook to reflect the new credit rating agency and trade repository regimes.

The FCA is also consulting on its proposed approach to non-handbook guidance and to forms which appear in its handbook.

The FCA is not proposing any policy changes unrelated to Brexit in this consultation paper.

Nausicaa Delfas, executive director of international at the FCA said: ‘The FCA is preparing for a range of scenarios. 

‘Our aim is to provide certainty and confidence for firms operating in the UK. These proposals will ensure we have a robust regulatory regime from day one, and a smooth transition for EEA firms and funds currently passporting into the UK.

‘We welcome continued engagement from across the sector on these preparations for Brexit.’

The consultation is open until 21 December.

CP18/36: Brexit: proposed changes to the Handbook and Binding Technical Standards – second consultation is here

Report by Pat Sweet

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