UK Conduct Regulator Publishes Post-Brexit Temporary Permissions Rules

The U.K. Financial Conduct Authority has published the Exiting the European Union: Temporary Permission and Financial Services Contracts Instrument 2019, which amends the FCA Handbook to accommodate firms subject to the temporary permissions regimes that will apply following the U.K.’s exit from the EU. The amendments will come into force on the day the U.K. exits the EU, with the exception of certain provisions of the FEES manual, which will apply from the later of (i) April 1, 2019 and (ii) exit day.

Non-Handbook guidance

The Instrument also contains non-Handbook guidance specifying that the FCA expects incoming EEA-based firms within the TPR or supervised run-off firms in the Financial Services Contracts Regime to communicate with customers about any material changes to their home state investor compensation scheme coverage as a result of Brexit.

View the Exiting the European Union: Temporary Permission and Financial Services Contracts Instrument 2019.

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