FCA’s role in preparing for EU withdrawal
Earlier in the summer, the FCA published an update on how they are preparing for the UK leaving the European Union.
The FCA will be:
- setting out how the FCA will amend EU binding technical standards (detailed EU rules)
- and amending the FCA Handbook to ensure they can function effectively when the UK leaves the EU.
Statutory instruments – as part of its approach to amending financial services legislation under the EU (Withdrawal) Act, The Treasury has begun laying Statutory Instruments (SIs) in Parliament. Six SIs have been laid to date, including the SI establishing a temporary permissions regime for FSMA firms operating in the UK under a financial services passport. The Treasury has also begun publishing a number of draft SIs, ahead of them being laid Parliament, to give stakeholders an opportunity to engage and familiarise themselves with the draft provisions. Firms do not need to prepare to implement this legislation now. Please see the Treasury Website for more information.