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FCA backs post-Brexit transition agreement

The FCA is backing the terms agreed for a post-Brexit implementation period, during which firms and funds will continue to have passporting rights between the UK and Europe.

The implementation period is expected to run from 29 March 2019 to the end of December 2020.

During that time, EU law will apply in the UK and firms and funds can keep passporting between the UK and the European Economic Area.

Last December, the Government said it would legislate for a temporary permission regime for firms and funds passporting into the UK if needed.

FCA’s Bailey pushes for regulator cooperation over Brexit transition

In a statement today, the FCA says that, subject to the Government setting up the regime, it expects firms and funds that will only be regulated by the FCA will need to contact the regulator if they want to be part of the regime.

The statement says: “Notification will not require submission of an application for authorisation. We will set out further details on these proposals later in the year.”

The FCA says it will continue to work with the regulators of EEA firms and the European Supervisory Authorities around passporting.

FCA names chief operating officer as Brexit head

It says: “We stand ready to work with them to address any risks to consumer protection and financial stability.”

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