FCA Brexit Policy Statement and Transitional Directions

The FCA has agreed MoUs with ESMA and EU regulators.

The FCA has published Policy Statement 19/5 (PS19/5) in which it gives feedback to various consultation papers in relation to Brexit, and publishes near final rules and Binding Technical Standards.

Of particular note is that PS19/5 sets out the FCA’s proposals to establish a temporary permissions regime for EEA entities operating in the UK and the marketing in the UK of EEA domiciled funds. PS19/5 contains guidance on the process that such EEA firms will need to take prior to the UK leaving the EU and additionally, what notifications need to be made to the FCA for EEA domiciled funds to be marketed in the UK following a no-deal Brexit.