FCA consults further on Brexit approach

FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on:

  • more changes to the Temporary Permissions regime;
  • reflecting the new Credit Rating Agency and Trade Repository Regime in the Handbook and
  • FCA’s approach to guidance and forms

Key elements of the consultation include:

  • new “cross-cutting” issues that FCA has identified, specifically the Distance Marketing Directive and E-Commerce Directive, and references to the “official language” of a Member State or information being submitted in languages other than English;
  • FCA’s approach to fees;
  • references and tables showing all proposed amendments to date;
  • changes FCA proposes to make to the SMCR and Approved Persons Regime to deal with firms with temporary permissions;
  • FCA’s proposals for addressing bringing Binding Technical Standards within its rules – the consultation addresses BTS under a raft of legislation, including MiFID 2 and MiFIR, the PRIIPs Regulation, PSD2, EMIR, MAR, the IDD and PAD; and
  • how to interpret guidance that relates to EU law or measures after exit day given that FCA does not consider it necessary to conduct a line by line review of all its guidance.

FCA asks for comments by 21 December.