Sponsored By
de | cn | ru

Market News

UK’s FCA on Brexit: Temporary Permissions Regime planned

 

UK’s financial regulator, the FCA, came up with an official statement on approaching Brexit, outlining the key issues, how it is dealing with the pending uncertainty and preparing for a smoother separation from the European Union.

 

In a speech delivered at Bloomberg/TheCityUK Nausicaa Delfas, the Executive Director of International at the FCA, said that it is working in a Temporary Permissions Regime (TPR). This regime will allow EU financial firms to continue to operate in the UK, without having to apply for authorisation with the UK regulator at this stage. However, the FCA noted that there is no reciprocal “TPR” arrangement from the EU regarding UK companies looking to continue doing business with clients from EEA countries.

 

 

In addition, Delfas stated that in the long-term the UK financial market “will remain highly integrated whatever the outcome of Brexit.” She believes that a good outcome – one that is in the interests of both the UK and the EU -  is achievable, as long as both sides maintain a commitment to protecting consumers and to strong, open markets.

 

That is why, according to Delfas, financial rules should be developed in such a way as to have a similar impact on markets across the UK and EU after Brexit for the benefit of consumers.

 

FCA’ statement comes a week after The European Securities and Markets Authority (ESMA) urged all market participants to prepare for the possibility of “Hard Brexit” in March 2019. Currently, UK is still under the MiFID passorting regime, which allows UK forex brokers to operate throughout the EEA, and vice versa – EEA entities to provide financial services in the UK without explicit authorization by the FCA.

 

TAGS: FCA  UK  Brexit  regulation 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website

More Forex Market News

Italy's CONSOB blacklists forex broker Capital Swiss FX

Dec 11 2018 14:30:54

  Italy's financial markets regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has updated its warning list with offshore forex broker Capital Swiss FX on Monday. Read more

The FCA considers banning binary options and restricting CFD trading permanently

Dec 07 2018 10:12:02

  The UK Financial Conduct Authority (FCA) has proposed permanent ban on binary options, as well as permanent restriction on the sale, marketing and distribution of contracts for difference (CFDs) and similar products to retail investors. Read more

UK’s FCA updates its warning list with Easy FX Trade and TradeBNP

Dec 05 2018 14:24:51

  The UK’s Financial Conduct Authority (FCA) added to more unregulated brokers to its warning list: Easy FX Trade and TradeBNP. According to the regulator, neither of them is authorized to provide financial services in the UK, but they are nonetheless targeting local investors. Read more

BaFin orders FXCM clone to cease operations

Dec 04 2018 16:18:15

  The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered FXC Markets to immediately cease offering investment services and advice to German investors. Read more

ASIC cancels the license of forex broker Berndale Capital

Dec 03 2018 12:43:20

  The Australian Securities and Investments Commission (ASIC) announced it has cancelled the license of Melbourne based forex and CFD broker Berndale Capital. ASIC found that the broker failed to comply with a number of requirements it has pursuant to Australian laws. Read more

UK's FCA warns of Cryptonix Team / VIP Crypto

Nov 30 2018 15:13:09

  The UK’s Financial Conduct Authority (FCA) added Cryptonix Team and VIP Crypto to its alert list on Friday. The UK financial watchdog warned investors to be especially wary of dealing with these unregulated brokerage brands, which are operated by an unauthorised firm. Read more

Financial authorities of Australia and New Zealand warn against BrighterTrade

Nov 29 2018 15:38:44

  Estonian forex brokerage BrighterTrade has recently been blacklisted by two financial watchdogs – the the Australian Securities and Investment Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA). Read more

Germany’s BaFin ordered UB4Trade to cease trading operations

Nov 28 2018 10:29:16

  The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered UB4Trade to cease offering cross-border proprietary trading services to German investors. Read more

UK’s FCA warns against binary options brokers Polarity Index and AG Capitals

Nov 26 2018 14:24:29

  UK’s financial markets and services provider, the Financial Conduct Authority (FCA), blacklisted Polarity Index and AG Capitals on Friday. According to the regulator, these binary options brokers, that also offer account management services, are illegally targeting local citizens. Read more

CySEC warns against unregulated forex broker ECN Capital

Nov 22 2018 14:42:00

  The Cyprus Securities and Exchange Commission (‘CySEC’) issued an announcement-warning on Wednesday with regard to ECN Capital - a forex brokerage brand that is not authorized to provide investment services and/or perform investment activities in the country. Read more

de | cn | ru