On October 9, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) jointly published a Dear CEO letter to regulated firms regarding final preparations for the end of the Brexit transition period (the Letter).
The key areas addressed by the FCA and PRA in the Letter include:
- requiring each firm to continue making arrangements to prepare itself, its clients and customers on a range of potential scenarios at the end of the transition period;
- facilitating the continuity of business and contracts for affected clients — from repapering and on-boarding, to considering the impact of the changes and providing support in each client’s best interests; and
- implementing standard contractual clauses in relevant contracts that are used by European Economic Area (EEA) firms, as a means to comply with the EU’s cross-border personal data transfer laws after the expiration of the transition period (the European Commission is currently deciding on the adequacy of the UK’s data protection legislation).
The Letter is available here.