FCA confirms no-deal Brexit rules

The Financial Conduct Authority has published its final instruments and guidance that will apply if the UK leaves the EU without a deal or an implementation period. The final instruments are largely unchanged from the near-final versions, which were published in February.

The most significant change is that the instruments now commence on ‘exit day’, rather than 11pm on 29 March. This change reflects the decision made at the European Council on 21 March, as well as the changes made by the European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) Regulations 2019.

The FCA has also published the majority of its final transitional directions and guidance for using the transitional power. It identified three additional areas in which it has made amendments to the near-final directions published in February, and relating to UK managers of EEA UCITS funds; the application of the Client Assets sourcebook (CASS) to activities carried on from an EEA branch; and distance marketing provisions.

Executive director of International at the FCA, Nausicaa Delfas said the documents are the final stages in the authority’s preparations in the event that the UK leaves the EU without an implementation period. “They ensure that firms have certainty of the financial regime they will be operating within, and so can plan accordingly to meet the needs of their customers.”

The FCA will publish information about technical standards under EU legislation on capital requirements, banking resolution and financial conglomerates following the Prudential Regulation Authority’s publication of the same.

Is your business ready for Brexit? This government tool aims to help you find out what your business or organisation may need to do to prepare for the UK leaving the EU; what’s changing in your industry and provides information on specific rules and regulations.

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