On 30 October 2019, the FCA published a statement on the delay of the UK’s withdrawal from the European Union. The statement confirms that firms do not need to take further action to implement Brexit contingency plans for 31 October 2019.

As a result of the delay, the FCA will be extending the deadline for notifications to enter into the temporary permissions regime to 30 January 2020. Fund managers will need to inform the FCA by 15 January 2020 if they want to make changes to their existing notification.

Further, the FCA states that firms should continue to comply with regulatory requirements, including those relating to MiFID transaction reporting and EMIR trade reporting requirements. The arrangements described in the FCA press release of 11 October 2019 are suspended and it expects firms to continue to report as normal.