On 10 October 2018, the FCA published Consultation Paper 18/28: Brexit: proposed changes to the Handbook and Binding Technical Standards – first consultation (CP18/28). In CP18/28 the FCA sets out proposals on how it will amend its Handbook and EU derived binding technical standards if the UK leaves the EU without an implementation period in place. The FCA also sets out its proposed approach to EU non-legislative material such as Level 3 guidelines and Q&As. The deadline for comments on CP18/28 is 7 December 2018. The FCA intends to give feedback in early 2019 and publish final versions of these materials before Brexit day. We will shortly publish a more detailed blog on CP18/28.
The FCA has also published Consultation Paper 18/29: Temporary permissions regime for inbound firms and funds (CP18/29). The temporary permissions regime will allow EEA firms and funds to continue regulated business in the UK, if the UK leaves the EU without an implementation period. In CP18/29 the FCA sets out how it expects the regime to work in practice, how firms and funds can enter it, how long it will operate for, and the rules it proposes to apply to firms and fund marketing activities during the regime. The deadline for comments on CP18/29 is 7 December 2018. We will shortly publish a more detailed blog on CP18/29.
The FCA has also published the following press releases:
- registering as a credit rating agency;
- registering as a trade repository; and
- temporary authorisation regime for data reporting services providers.
It has also published a new webpage, Brexit – EEA DRSPs.
HM Treasury has published the following draft statutory instruments:
- The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 and explanatory memorandum;
- The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 and explanatory memorandum;
- The Short Selling (Amendment) (EU Exit) Regulations 2018 and explanatory memorandum;
- The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 and explanatory memorandum; and
- The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 and explanatory memorandum