On January 30, the UK Financial Conduct Authority (FCA) issued a press release (the Press Release) advising UK and EU firms on the implementation period, which starts when the UK leaves the EU at 11:00 p.m. GMT (6:00 p.m. EST) tonight (i.e., January 31), and is expected to end in 11 months’ time on December 31 (for more information please see the January 24 edition of Corporate & Financial Weekly Digest).
Continue Reading Brexit: FCA Updates UK and EU Firms on Transition Period

On January 28, the UK Government published the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations). This is in response to the passing by the UK Parliament of the Withdrawal Act on Thursday last week, and in anticipation of the UK’s withdrawal from the EU (and start of the implementation period) on January 31 (for more information, please see the January 24 edition of Corporate & Financial Weekly Digest).
Continue Reading Brexit: UK Updates TPR Start Date

On October 31, the Financial Conduct Authority (FCA) published five revised directions, extending the Temporary Permissions Regime (TPR) to January 20, 2020. This coincides with the most recent extension of the Brexit deadline from October 31 to January 31, 2020 and is the fourth time that the TPR has been extended.
Continue Reading FCA Extends Brexit Deadlines

On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the deadline for firms to notify the FCA if they wish to enter the TPR from April 11, to May 30. The TPR will go into effect upon Brexit taking effect, if there is no transition period (as reported in the January 11, 2019 edition of the Corporate & Financial Weekly Digest).
Continue Reading FCA Extends Notifications Deadline for Temporary Permission Regime to May 30

On March 25, the UK Financial Conduct Authority (FCA) updated its webpage on the temporary permissions regime (TPR) to announce that it intends to extend the notification window for European Economic Area (EEA) firms and fund managers wishing to enter the TPR to the end of April 11. On March 26, the UK Prudential Regulation Authority (PRA) also updated its webpage on the TPR to make an equivalent announcement. (For more information on the TPR, please see the Corporate & Financial Weekly Digest edition of January 11, 2019.)
Continue Reading FCA and PRA Publish Updates to the Temporary Permissions Regime

On February 25, the Bank of England (BoE), the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission published a joint statement on measures intended to ensure the continuity of UK-US derivatives trading and clearing activities following the United Kingdom’s withdrawal from the European Union (Brexit).
Continue Reading Statement Published on Post-Brexit Continuity of Derivatives Trading and Clearing Measures

On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open.

In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal (Withdrawal Agreement) has not been ratified by the UK Parliament. If ratification fails, this would result in a so-called “no-deal Brexit,” meaning that the UK would leave the EU without having agreed on any transitional arrangements, and any European Economic Area (EEA)-based firms or fund managers passporting their services or products into the UK would lose their permission to do so on Exit Day.
Continue Reading FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

On January 8, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/2) on contractual certainty post-Brexit.

In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal remains to be ratified by the UK Parliament. If ratification fails, this would result in a so-called “no-deal Brexit,” meaning that the UK would leave the EU without having agreed on any transitional arrangements, and any firms or fund managers based in the European Economic Area (EEA) passporting their services or products into the UK would lose their permission to do so on Exit Day.
Continue Reading FCA Consults on Contractual Certainty Post-Brexit