In this post we summarise the latest Brexit developments related to asset management.
EU Exit: FCA speech on Brexit preparations in financial services
The FCA has published a speech delivered by its Chief Executive, Andrew Bailey, on Brexit preparations in financial services. In his speech, Mr Bailey recognises an increased level of readiness for a potential ‘no deal’ Brexit but notes seven issues which require further action in either the UK or EU: the Share Trading Obligation (STO), Derivatives Trading Obligation (DTO), clearing, uncleared derivatives, data exchange, progress on contract repapering and retail financial services preparation. He also assures firms that the FCA will take a pragmatic approach to post-EU exit issues with a focus on maintaining market integrity and protecting consumers and market users.
FCA awareness campaign – no-deal Brexit
The FCA has launched a new digital advertising campaign which will signpost firms to its Brexit webpages for information on preparing for a potential ‘no-deal’ scenario. The FCA has also set up a dedicated telephone line for firms.