UK:
A Welcome Brexit Update
29 March 2018
Brodies LLP
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Last week, the FCA announced that firms and funds will continue
to benefit from passporting between the UK and EEA during a
transition period, following Brexit. Obligations under EU law will
continue to apply, and firms must continue with their
implementation plans for EU legislation that is due to come into
effect before the end of 2020 (this is likely to include the new
prudential regime, which we were unsure UK firms would need to
comply with).
This means that firms benefiting from an EU passport need not
apply for authorisation at this stage.
Andrew Bailey, Chief Executive of the FCA, has said that this
transition period will allow for further cooperation between UK and
EU regulators, to provide solutions for FS firms following
Brexit.
The statement can be found here.
This will come as good news for firms, that are spending a lot
of their time and resource on their Brexit contingency planning, as
they now have further time to implement any changes to their
current strategies.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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