Brexit continues to dominate the news at present and will continue to do so for the foreseeable future. Whilst the terms of the withdrawal agreement have been agreed between the UK government and the EU, there are still many political uncertainties and hurdles that may be faced between now and the UK’s anticipated departure date of 29 March 2019.
The FCA has been considering the potential outcomes of the Brexit negotiations, including the possibility of ‘no deal’. In such an eventuality, it will be vital that a robust and workable regulatory framework remains in place in the absence of a so-called ‘implementation’ or transition period.
To this end, the FCA has proposed amendments to its Handbook and its EU-derived binding technical standards (BTS) to reflect the UK’s position outside the EU.
In many cases, this includes simple updates, such as amended references to EU legislation, EU institutions and the European Economic Area (EEA). However, in more complex areas, the FCA has proposed multiple solutions to issues and would welcome feedback on these approaches. The changes relate purely to Brexit and no wider policy changes are proposed.
The FCA’s consultation CP18/28 (https://www.fca.org.uk/publications/consultation-papers/cp18-28-brexit-proposed-changes-handbook-bts-first-consultation) remains open until 7 December 2018. It is relevant to a large number of FCA-regulated entities.
The FCA wants to hear from a wide range of stakeholders and of any significant implementation challenges that firms might face.
Responses can be made via the FCA website - https://www.fca.org.uk/cp18-28-response-form.