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    FCA Consults on Its Approach Ahead of the Brexit

    October 22, 2018

    FCA published two consultation papers that set out its proposals in the event the UK leaves EU on March 29, 2019 without an implementation period. PRA also set out its approach to the regulation of credit rating agencies, trade repositories, and data reporting services providers. These consultations close on December 07, 2018. FCA intends to offer feedback in early 2019 and publish final versions of the relevant materials before the exit day.

    Consultation on amendments to the FCA Handbook and binding technical standards (CP18/28)

    This consultation paper contains proposals on how FCA will amend its Handbook and the EU derived binding technical standards if the UK leaves EU without an implementation period in place. It also sets out the proposed approach to EU non-legislative material such as Level 3 Guidelines and questions and answers (Q&As). This paper covers proposed amendments to a significant proportion of the Handbook, including prudential rules for firms regulated only by FCA (not firms regulated jointly by FCA and PRA), conduct of business rules, rules for UK funds and fund managers covered by EU fund management legislation (such as UCITS and AIFMD), and rules affecting other market participants, including UK investment firms covered under EU markets legislation (such as MiFID).

    In addition, the proposals cover amendments to the binding technical standards related to markets and financial market infrastructure, fund management, credit ratings agencies and trade repositories (entities for which FCA will have a new responsibility for supervising after Brexit), and short-selling practices. This consultation also covers amendments to the binding technical standards in relation to the Capital Requirements Regulation and Directive (CRR and CRD), the responsibility for which is shared jointly by FCA and PRA. Therefore, FCA-authorized firms should take account of the forthcoming consultation of PRA for the detail of the proposed amendments. 

    Consultation on the Temporary Permissions Regime (CP18/29)

    The temporary permissions regime will allow European Economic Area firms and funds to continue regulated business in the UK, if the UK leaves EU in March 2019 without an implementation period in place. This consultation paper sets out how FCA expects the regime to work in practice, how firms and funds can enter it, how long it will operate for, and the rules FCA proposes to apply to firms and fund marketing activities during the regime. CP18/29 sets out the following:

    • Details of the regime for both firms and fund marketing activities, including which firms and investment funds can use the regime
    • How the regime will operate for firms including what FCA expects from firms and how it will supervise them
    • The rules FCA proposes to apply to firms and fund marketing activities during the regime
    • Additional information for Electronic Money Institutions, Payment Institutions, and Registered Account Information Service Providers
    • How the regime will operate for investment funds
    • Proposals for how the regime will be funded


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    Comment Due Date: December 07, 2018

    Keywords: Europe, EU, UK, Banking, Insurance, Securities, PMI, Brexit, Temporary Passporting Regime, FCA Handbook, CP18/28, CP18/29, PRA, FCA

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