FCA confirms proposals in the event of a no-deal Brexit

Regulatory Updates | 28/02/19

The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period. As most of the changes proposed will be made under powers given to the FCA under the EU (Withdrawal) Act, they are subject to approval by the Treasury. The documents published confirm the FCA’s proposals in the event of a no-deal Brexit and bring together feedback from a number of consultation papers.
The papers also provide further details on the treatment of Gibraltar-based firms after Brexit and the temporary transition power. This power would give the FCA the ability to waive or modify changes to regulatory requirements which have been amended under the EU (Withdrawal) Act.