The FCA has released a statement about the implementation period that is set to follow the UK’s departure from the European Union and how it will impact the financial services sector.
At 11pm on 31 January 2020, the UK will leave the EU and enter an implementation period which is due to last until 31 December 2020 – during this period, EU law will continue to apply.
The FCA announced that firms and funds will continue to benefit from passporting between the UK and European Economic Area (EEA), and that consumer rights and protections derived from EU law are also set to remain in place.
The regulator said there would therefore be no changes to the reporting obligations for firms, which will continue in line with existing EU regulatory requirements.
The statement, however, revealed that windows for EEA firms to notify the FCA that they want to use the Temporary Permissions Regime, or for fund managers to notify it of any funds they want to continue marketing in the UK under the Temporary Marketing Permissions Regime, will close at the end of today (30 January).
The FCA added that it would confirm its plans for reopening the notification window later this year – allowing for additional notifications to be made by firms and fund managers before the end of the implementation period.
The outgoing FCA chief executive, Andrew Bailey, commented: “The work the FCA has undertaken, along with government and the Bank of England, ensured the financial services sector was one of the best prepared industries for any of the possible Brexit outcomes. The implementation period gives firms a period of certainty while negotiations are continuing on our future relationship with the EU.
“The FCA intends to use this time to work with government, the Bank of England, firms and other regulators to ensure the financial services industry is ready for the end of 2020. We will continue to keep firms and consumers updated on any changes that will impact them.”
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