FCA Speech on the UK’s Financial Regulatory System Following the Brexit Transition Period
On July 1, the UK Financial Conduct Authority (FCA) published a speech by Nausicaa Delfas, the FCA’s Executive Director of International, exploring a ‘new era’ of financial regulation for the UK (the Speech).
The Speech generally discusses the end of the Brexit transition period and the impact of the COVID-19 pandemic on the financial markets. A summary of the key highlights of the Speech is set out below:
the ‘new era’ will be defined by developments brought about by Brexit, the COVID-19 pandemic and technological and societal changes;
with regards to Brexit, all market participants and regulators need to continue to prepare for a range of scenarios to be prepared for the end of the Brexit transition period;
in terms of the COVID-19 pandemic, the regulatory agenda is moving from crisis response to supporting economic recovery; and
non-banks will be critical in enabling recapitalization to promote growth and recovery from the pandemic.
The Speech is available here.