FCA Consults on Brexit Related Changes to Its Handbook and Standards
FCA published further proposals (CP18/36) on how it will amend its Handbook and EU-derived binding technical standards (BTS) if the UK leaves EU without an implementation period in place. FCA is also consulting on the proposed approach to non-Handbook guidance and to forms that appear in the FCA Handbook. The comment period on CP18/36 closes on December 21, 2018.
In October 2018, FCA had published its first consultation on the amendments needed, should the UK leave EU without an implementation period. This consultation paper proposes further changes that may need to be made to the FCA Handbook and BTS. These include amendments to reflect the temporary permissions regime, new credit rating agency (CRA) regime, and trade repository regime. CRAs in EU are regulated under the CRA Regulation and are supervised by ESMA. The Treasury intends to amend the legislation to make FCA the supervisor responsible for CRAs registered under the UK regime. FCA is also consulting on guidance on how non-Handbook guidance should be interpreted after Exit day and on the approach to forms that appear in the Handbook. In particular, CP18/36 covers the following topics:
- Chapter 2 discusses a range of cross-cutting issues which span our Handbook and BTS and the proposed FCA approach to these. This includes further issues identified since publication of the first CP.
- Chapter 3 explains the Handbook proposals covered in this consultation (except those related to the introduction of the temporary permissions regime and the new credit rating and trade repository regimes). This includes an explanation of the more significant changes FCA is proposing, including those related to the prudential standards addressing proposals related to contractual recognition of bail-in.
- Chapter 4 sets out certain proposals about the temporary permissions regime, which were previously described but not consulted on in CP18/29.
- Chapter 5 outlines the changes FCA proposes to make to BTS. An explanation of the FCA approach to BTS was included in the first consultation.
- Chapter 6 summarizes the FCA approach to forms and the guidance FCA proposes to issue on this.
- Chapter 7 outlines changes because FCA will take on regulating credit rating agencies and trade repositories.
- Chapter 8 summarizes the proposed approach to non-Handbook guidance issued by FCA and the guidance FCA proposes to issue on this. FCA expects proposals in this chapter to be of interest to CRAs and trade repositories.
Related Links
Comment Due Date: December 21, 2018
Keywords: Europe, UK, Banking, Insurance, Securities, CP18/36, Brexit, CRA Regulation, Temporary Permissions Regime, FCA Handbook, FCA
Related Articles
|
News
PRA Finalizes Reporting Amendments to Pillar 2 Liquidity FrameworkPRA published the final Policy Statement PS13/19 on regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.
June 17, 2019
WebPage
Regulatory News
|
|
News
IAIS Consults on Revisions to IAIS Supervisory MaterialIAIS has launched a public consultation on revisions to the IAIS supervisory material.
June 14, 2019
WebPage
Regulatory News
|
|
News
IMF Paper on Implementing Prudential Standards in Developing EconomiesIMF published a working paper that provides practical guidance on how developing economies, including non-Basel Committee member countries, could incorporate international standards into their prudential framework.
June 14, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Second Update for June 2019EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.
June 14, 2019
WebPage
Regulatory News
|
|
News
FSB Releases Update on Meeting of Regional Consultative Group for AsiaFSB published an update on the meeting of its Regional Consultative Group (RCG) for Asia.
June 14, 2019
WebPage
Regulatory News
|
|
News
BoE, FCA, and MAS Announce Collaboration on Cyber SecurityMAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.
June 13, 2019
WebPage
Regulatory News
|
|
News
CBIRC Advisory Committee Holds Meeting, Discusses Regulatory IssuesThe first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.
June 13, 2019
WebPage
Regulatory News
|
|
News
ECB and EIOPA Publish Common Minimum Standards for Data Revision in EUECB and EIOPA published the common minimum standards for supervisory and statistical reporting data by the undertakings in EU.
June 13, 2019
WebPage
Regulatory News
|
|
News
IMF Reports on 2019 Article IV Consultation with Czech RepublicIMF published its staff report and selected issues report under the 2019 Article IV consultation with Czech Republic.
June 13, 2019
WebPage
Regulatory News
|
|
News
APRA Response to Proposal on Revisions to Capital Framework for BanksAPRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.
June 12, 2019
WebPage
Regulatory News
|
