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FCA deepens preparations for no-deal Brexit

The FCA has published a second consultation paper on how it will ensure continuity in the regulatory regime regardless of the outcome of Brexit.

In the event the UK leaves the EU without a deal, the FCA says, the Treasury would treat EU member states in the same way it treats non-EU member states. However, it has said it will diverge from this approach to ensure there is a functioning regime for firms and regulators in place after 29 March 2019, to protect existing rights of UK consumers, and to ensure financial stability. The FCA says, for the sake of consistency it is taking the same approach.

In October, the FCA’s first consultation focused on the temporary permissions regime which allows the continuation of European firms and funds passporting into the UK for a limited period after 29 March, and amendments to the FCA Handbook around its responsibilities.

The most recent consultation, which is accepting comments until 21 December, looks at amendments to the Handbook and Binding Technical Standards (BTS).

The consultation, published last week, continues to consider the Handbook’s Temporary Permissions regime along with amendments to the new Credit Rating Agency and Trade Repository regimes and the FCA approach to non-Handbook guidance.

FCA executive director of international Nausicaa Delfas says: “The FCA is preparing for a range of scenarios.  We have published further proposals to prepare for the possibility the UK leaves the EU in March 2019 without an implementation period.

“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.”

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  1. Sorry to be a fly in the ointment (not) but isn’t what we really need, rather than continuity, a fundamental and far-reaching change of tack with the current regulatory regime?

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