FCA Confirms Final Rules and Guidance for Firms for No-Deal Brexit
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it had published its final instruments and guidance that will apply if the United Kingdom withdraws from the European Union without a deal or an implementation period (No-Deal Brexit).
The FCA has published the final versions of the instruments following its approval by HM Treasury. The finalized instruments contain amendments to the FCA Handbook and onshored EU regulations containing binding technical standards. The FCA also has published the final versions of its guidance relating to a No-Deal Brexit.
In its statement, the FCA notes that the final instruments are largely unchanged from the near-final versions that they published in February. The most significant change, however, is that the instruments will now commence on the so-called “exit day” as defined in the European Union (Withdrawal) Act 2018, instead of at 11:00 p.m. on March 29.
The FCA’s press release is available here.