Brexit: The FCA confirms final rules for firms

Regulatory Updates | 29/03/19

The FCA has published its final instruments and guidance that will apply in the event 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 will publish information about technical standards under EU legislation on capital requirements, banking resolution and financial conglomerates later once the PRA have published similar information. The FCA has also confirmed it has extended the notification window for firms who wish to enter the TPR until the end of 11 April 2019.