June 27, 2018

FCA issued a statement that provides stakeholders with an update on how it is preparing for the UK leaving the EU. As part of the Treasury's approach, EU member states will be treated as third (non-EU) countries—although there are instances where the Treasury would deviate from this general approach, including to provide for a smooth transition. FCA is taking the same approach. This will ensure that the requirements FCA is responsible for are consistent with the wider legislative framework. In certain cases, FCA may deviate from this general approach where this is necessary to ensure a smooth transition to a new regime, or to otherwise support its strategic and operational objectives.

FCA continues to prepare for a range of scenarios, including the one in which the UK leaves the EU on March 29, 2019, without a withdrawal agreement and the implementation period having been ratified between the UK government and the EU. The EU (Withdrawal) Act will transfer and convert the existing EU law at the point of exit into UK law. It also gives powers to ministers to make secondary legislation to amend this legislation to ensure that it functions effectively when the UK leaves EU. As part of this, the Treasury intends to task FCA with amending and maintaining EU binding technical standards (detailed EU rules). These rules sit underneath EU regulations and directives and provide technical detail of how those requirements must be met.

FCA will also be amending its Handbook to ensure that it is consistent with changes the government is making to the EU law and it functions effectively when the UK leaves the EU. In the run up to March 2019, FCA will limit Handbook changes unrelated to Brexit to those identified as core priorities in its Business Plan as well as other essential items. FCA plans to consult on these changes in the Autumn, subject to the Treasury’s timelines for Statutory Instruments. FCA also plans to consult on the rules that will apply to firms in the temporary permissions regime.

 

Related Link: Statement

Keywords: Europe, UK, Banking, Securities, Insurance, Brexit, Withdrawal Agreement, Passporting Regime, Transition Period, HM Treasury, FCA

Related Articles
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
News

CFTC Proposes to Amend Derivatives Clearing Organization Regulations

CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations.

May 16, 2019 WebPage Regulatory News
News

APRA Licenses Societe Generale As Foreign Deposit-Taking Institution

APRA granted Societe Generale a license to operate as a foreign authorized deposit-taking institution under the Banking Act of 1959.

May 16, 2019 WebPage Regulatory News
News

EBA Provides Updates on Its Work on Basel III Impact Assessment in EU

EBA is working to finalize the impact assessment on implementation of Basel III standards, in response to the EC call for advice, which was received on May 04, 2018.

May 16, 2019 WebPage Regulatory News
News

ISDA Publishes Two Consultations on Benchmark Fallbacks

ISDA published two consultations on benchmark fallbacks, the comment periods for which expire on July 12, 2019.

May 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3097