UK regulator spells out the next to-do's on Brexit
Publish date: 08 February 2019
Issue Number: 57
UK's Financial Conduct Authority (FCA)
The UK Treasury has published draft legislation that would temporarily empower the FCA and the Bank of England/Prudential Regulation Authority (PRA) to make transitional provisions if the UK leaves the EU without an agreement in place. They intend to use this power to ensure that firms and other regulated entities do not generally need to prepare now to meet the changes to their UK regulatory obligations that are connected to Brexit.
They also set out the areas where they would not make transitional provision and consequently expect firms and other regulated persons to start preparing now to comply with these post-exit regulatory obligations.
The Treasury has published legislation (link is external) to empower the UK financial regulators to make transitional provisions connected to changes to financial services legislation.