UK – FCA Brexit Preparation Guide

UK – FCA Brexit Preparation Guide

On 18 July 2019 UK FCA issued guidance entitled is your firm prepared for Brexit?

  • Gives overview of plans firms should have in place to address impact of no-deal Brexit.
  • UK firms doing business in EEA must have contingency plans in case passporting ends.
  • Firms regulated by FCA only, using passport to operate in UK must register for TPR.
  • Will allow continued existing and new business in UK while full authorization is sought.
  • Firms servicing customers in EEA must decide approach to ensure service continuity.
  • FCA expects such firms to be guided by what is the right outcome for their customers.
  • Same rules, laws will apply, FCA will provide transitional relief to enable adjustments.
  • But in some areas, such as MiFID II transaction reporting, FCA will not apply this relief.
  • Firms must take reasonable steps to be ready by 31 October 2019 or, if they are unable to meet obligations in full, FCA will expect to see evidence why this was not possible.