On 22 December 2020, the FCA published its final Brexit instruments and Temporary Transitional Power (TTP) directions.
The update follows the publication in September of the FCA’s Quarterly Consultation Paper (CP20/18) containing draft, onshoring-related instruments. The final instruments are largely unchanged from the versions consulted on in CP20/18, and these changes are outlined in Handbook Notice 83.
The TTP directions have also been published. The TTP applies transitional provisions to financial services legislation for a temporary period. The TTP will be applied on a broad basis from the end of the transition period until 31 March 2022, but there are some areas where the TTP will not apply.
Firms will be able to see which changes will apply to them by reviewing the Handbook site alongside the updated TTP information.