On Friday 29 March, MPs voted 344 to 286 to reject a Government motion which would have approved the draft Withdrawal Agreement.
Whilst the House of Commons’ vote captured the headlines, a number of important papers were published by the FCA during the course of the afternoon, finalising preparations for a no-deal Brexit. This blog summarises the papers that were published.
FCA final instruments
The FCA reported that it had published the majority of its final Handbook and BTS instruments and that these could be found on its Handbook website.
The FCA also published the following guidance:
- Brexit: our approach to EU non-legislative materials;
- Brexit: our approach to non-Handbook guidance where it relates to EU-law or EU-derived law; and
- Interpretative guide on completing our forms after the UK’s withdrawal from the EU.
FCA Policy Statement 19/10
The FCA published Policy Statement 19/10: Recovering the costs of regulating credit rating agencies, trade repositories and securitisation repositories after the UK leaves the EU (PS19/10). In PS19/10 the FCA sets out its final requirements and guidance on recovering the costs of regulation from credit rating agencies, trade repositories and securitisation repositories after the UK leaves the EU and the FCA becomes their regulatory authority in the EU.
Directions
The FCA published the following directions:
- final transition direction;
- final prudential transitional direction;
- Annex A: Application of the ‘standstill’ in the Transitional Direction to amendments made in Statutory Instruments and Exit Instruments amending technical standards;
- Annex B: Application of the ‘standstill’ in the Transitional Direction to amendments made in the FCA Handbook; and
- explanatory note.
The FCA published the following amended directions (dated 28 March 2019):
- Temporary permission and variation under the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018: notification before exit day (amendment);
- The Alternative Investment Fund Managers Regulations 2013, as amended, in particular by the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019: notification before exit day;
- Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018: notification before exit day;
- Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018: notification before exit day: amendment; and
- The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019: notification before exit day.
The PRA also published the following amended direction – Temporary permission and variation: notification before exit day (amendment).
FCA and SEC MoUs
The FCA and the Securities and Exchange Commission have signed two updated Memoranda of Understanding.
Andrew Bailey, Chief Executive of the FCA, said:
“As part of our preparations for Brexit we have been working with our partners in the EU and globally to ensure there is minimal disruption. These MoUs will ensure the UK can continue to be a key market for funds and fund managers. Today’s amendments will ensure continuity and stability for consumers and investors in the UK and US.”
