On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.
The FCA continues to prepare for a range of scenarios, including a “no deal” Brexit in which there would be no transition period after March 29, 2019. Under HM Treasury’s plans, the FCA will amend and maintain existing EU-binding technical standards into UK law following Brexit.
According to the FCA’s statement, it also plans to amend the FCA Handbook to ensure consistency with the UK government’s transposition of EU law and regulations in the run up to March 2019, reducing changes to the FCA Handbook that are unrelated to Brexit.
This fall, the FCA anticipates consulting on its changes relating to Brexit, as well as regarding the rules which will apply to firms during any temporary permissions regime.
The FCA’s statement is available here.
HM Treasury’s press release is available here.