Today (23 November) the Financial Conduct Authority (FCA) launched further consultations ahead of the UK’s departure from the EU.
The FCA’s approach to Brexit
The FCA has been busy on pre-Brexit planning; plans for EU withdrawal were a key focus of the regulator’s 2018-19 Business Plan, released in April.
The paper released today sets out additional proposals specifically looking at the possibility of the UK leaving the European Union on 29 March 2019 without an implementation period.
It’s the latest in a series of communications and preparations by the FCA on Brexit, and follows two consultation papers published by the Authority in October. The October consultations covered:
- Amendments to the FCA Handbook and Binding Technical Standards (detailed EU rules which the FCA will have responsibility for after exit) resulting from leaving the EU, and the FCA’s approach after Brexit to EU non-legislative material; and
- The Temporary Permissions Regime, which will allow EEA firms and funds passporting into the UK to continue operating here for a limited period after Brexit while seeking full UK authorisation.
These consultations remain open until 7 December; you can read more on the proposals and how to respond to them here.
What do the new consultations cover, and how can you respond?
This new consultation paper focuses principally on a number of amendments to the regulator’s Handbook and Binding Technical Standards (BTS) which were not included in the earlier consultation papers.
It also consults on:
- further amendments to the Handbook regarding the Temporary Permissions regime
- amendments to the Handbook to reflect the new Credit Rating Agency and Trade Repository regimes
- the FCA’s approach to non-Handbook guidance and its approach to forms that appear in the Handbook
In launching the consultation, Nausicaa Delfas, Executive Director of International at the FCA said: ‘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.’
The full paper can be downloaded from the FCA website.
The consultation is open until 21 December 2018. Responses can be submitted via the FCA’s online form, by email to firstname.lastname@example.org, or in writing to Handbook Review Team, Financial Conduct Authority, 12 Endeavour Square London E20 1JN.
Tackle the challenges of an evolving Compliance role
For Compliance professionals, the uncertainty over the UK’s future outside the EU is just one more regulatory challenge you face.
When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.