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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 
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