The UK’s Financial Conduct Authority (FCA) is increasing its efforts to ensure all firms are aware of what needs to be done to prepare for a no-deal Brexit.
With the Brexit deadline looming, again, companies need to be prepared for a potential no-deal exit.
To help firms prepare, the FCA will be running a series of adverts for its Brexit webpages and has established a dedicated telephone line. The regulator is urging firms to consider the implications of a no-deal Brexit and finalise preparations.
This is particularly relevant to firms that are based in the UK and do business in the EEA, have consumers in the EEA, transfer personal data from the EEA, or passport into the UK and have not notified the FCA for entry into the temporary permissions regime.
If there is a no-deal some regulations, such as MiFID II transaction reporting, will be impacted.
Brexit will see the loss of passporting for UK firms doing business in the EEA. Whether firms will need regulatory permissions to continue conducting business in an EEA country depends on the activity they are carrying on, local laws, and the approach of the local authorities in the jurisdiction.
The FCA states that firms should educate themselves on any transitional regimes, with deadlines or registration requirements attached to them. A list is available on the FCA website of these.
FCA executive director of international Nausicaa Delfas said, “The FCA has undertaken significant work to prepare for the UK’s departure from the EU. We have published extensive information on our Brexit pages and held events, reaching firms and trade organisations around the country.
“We expect firms to ensure they are ready if there is a no-deal. If firms haven’t finalised their preparations, there is a risk they could be impacted. Firms should consult the information on our website.”
In the event of a no-deal there will be several changes to the FCA Handbook, the Temporary Permissions Regime will come into effect, and the FCA will become responsible for credit rating agencies and trade repositories.
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