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FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March. FCA has made around 40 instruments with rule changes and technical standards, as well as guidance and final transitional directions. It has also confirmed that Gibraltar firms will have the same market access to the UK as they had before exit day until December 2020.

The package relies on the suite of secondary legislation Treasury has made under the EU (Withdrawal) Act that gives FCA powers.

Given the uncertainty over when “exit day” will now be, the instruments will now commence on “exit day”. The text is largely unchanged from the near final versions FCA published at the end of  February.

FCA has published a number of new rule instruments together with guidance on its approach to non-EU legislative materials, to non-Handbook guidance that relates to EU- or EU-derived law and on completing its forms after Brexit.  Key points include that guidance and other materials from the ESAs have not been incorporated into UK law, although the laws the ESA materials relate to has, in the main, been retained. so, generally, FCA will itself, and will expect firms to, apply the ESA guidelines to the extent they remain relevant, in the same way they do today.

In relation to forms, FCA expects firms to take a common sense approach to interpretation.

PRA has also published its amended direction on temporary permissions.

 

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Emma Radmore