FCA has announced an extension to the directions made under its temporary transitional power which it introduced in February. The direction will now give firms until 31 December 2020 to make the necessary adjustments to comply with UK obligations that change consequent on a no-deal Brexit. As with the current Directions, some obligations – such as the MiFID 2 transaction reporting requirement – will not be subject to it, and firms must make every effort to comply immediately.
The BoE is also consulting on a similar extension and on minor changes to the rules it made to accommodate the “onshoring” of EU rules (or “nationalising the acquis”). The changes, like FCA’s extension, are consequent on the date of Exit Day having been changed since the original communications were made. It asks for comments on its proposals by 18 September.