FCA proposed rules and guidance

The FCA has published proposed rules and guidance that will apply in the event that the UK leaves the EU without a withdrawal agreement in place. This includes a Brexit policy statement and transitional directions (PS19/5) which sets out feedback the FCA received, and FCA responses to the feedback, from its Brexit consultations. The guidance also includes amendments to the FCA Handbook and Binding Technical Standards (BTS), establishing a temporary permissions regime (TPR), and a regulatory regime for credit-rating agencies, trade repositories and securitisation repositories.

The FCA has also published near final drafts of a Transitional Direction and a Prudential Transitional Direction (with an explanatory note) which sets out more detail on how the FCA intends to use the Temporary Transitional Power.

The FCA will publish the final instruments on 28 March 2019 if the UK leaves the EU without a withdrawal agreement.