The Financial Conduct Authority (FCA) today published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also set out its approach to the regulation of Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers.
The two consultation papers focus on:
- Amendments to the FCA Handbook and Binding Technical Standards (detailed EU rules which the FCA will have responsibility for after exit) resulting from leaving the EU, and the FCA’s approach after Brexit to EU non-legislative material; and
- the Temporary Permissions Regime, which will allow EEA firms and funds passporting into the UK to continue operating here for a limited period after Brexit while seeking full UK authorisation.
The statement says that the FCA is working to ensure as smooth a transition as possible as the UK prepares to leave the European Union and these consultations are an important part of this work.
Both consultations are open until 7 December 2018. Responses can be submitted via the FCA’s online form, by email or in writing. The FCA is keen to hear from the widest possible range of stakeholders across sectors, including industry bodies and consumer groups.