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    FCA Extends Use of Temporary Transitional Power in Context of Brexit

    July 25, 2019

    FCA announced that, in the context of the upcoming Brexit, it will extend the proposed duration of directions issued under the temporary transitional power to the December 31, 2020. This extension will give firms and other regulated persons the time they need to phase in any regulatory changes they may need to make as a result of "onshored" EU legislation. However, as the FCA announced in February 2019, there are specific areas in which FCA will not be granting transitional relief in the event the UK leaves the EU without a withdrawal agreement.

    In these areas, FCA continues to expect firms and other regulated entities to take reasonable steps to comply with the changes to their regulatory obligations by exit day. The firms or persons that should continue their preparations to comply with the changes include firms intending to use credit ratings issued or endorsed by FCA-registered credit ratings agencies after exit day. Additionally, UK originators, sponsors, or securitization special purpose entities (SSPEs) of securitizations that are to be considered simple, transparent, and standardized (STS) under the Securitization Regulation should also continue their preparations to comply with the changes to their regulatory obligations by the exit day. FCA expects firms to use the additional time between now and the end of October to prepare to meet these obligations. If firms are not ready to meet these obligations in full, FCA will expect to see evidence of why this was not possible. FCA will publish further information before exit day on how firms should comply with the post-exit rules. The extension is aligned with the end date intended by the BoE and the PRA. The temporary transitional power is intended to minimize disruption for firms and other regulated entities if the UK leaves the EU without a withdrawal agreement.

     

    Related Link: Press Release

     

    Keywords: Europe, EU, UK, Banking, Securities, Brexit, Transitional Direction, Temporary Transitional Power, STS Securitization, Securitization Regulation, Credit Rating Agency, PRA, BoE, FCA

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