Financial firms in Britain should be ready in case no trade agreement is struck with the European Union by December, a senior UK regulator said on Thursday.
Britain leaves the EU next week, followed by a “business as usual” transition that ends in December. Britain and the EU will formally begin trade talks in coming weeks.
“Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020– and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU.,” said Nausicaa Delfas, executive director of international at the Financial Conduct Authority.
Britain has already put all EU financial rules into UK law, which means it will have “the most equivalent framework to the EU of any country in the world,” Delfas told an event held by law firm BCLP.
Britain will also need to decide whether EU-based financial firms can have access to UK investors under the same equivalence system it has inherited by adopting the EU laws.
Ms Delfas clarified that “[w]ith the withdrawal agreement between the UK and the EU now likely to be passed, this will mean that:
Source: https://www.fca.org.uk/news/speeches/global-regulation-local-solutions
Source: https://uk.reuters.com/article/uk-britain-eu-markets/uk-watchdog-tells-markets-be-ready-in-case-of-no-deal-brexit-idUKKBN1ZM152
Posted by Peter Oakes (www.peteroakes.com)
- thanks to Quent Rickerby (Linkedin Post)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com
Britain leaves the EU next week, followed by a “business as usual” transition that ends in December. Britain and the EU will formally begin trade talks in coming weeks.
“Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020– and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU.,” said Nausicaa Delfas, executive director of international at the Financial Conduct Authority.
Britain has already put all EU financial rules into UK law, which means it will have “the most equivalent framework to the EU of any country in the world,” Delfas told an event held by law firm BCLP.
Britain will also need to decide whether EU-based financial firms can have access to UK investors under the same equivalence system it has inherited by adopting the EU laws.
Ms Delfas clarified that “[w]ith the withdrawal agreement between the UK and the EU now likely to be passed, this will mean that:
- A “no deal” exit will not happen at the end of January 2020 and we will enter an implementation period.
- EU law will continue to apply throughout 2020, and passporting will continue as now during that time. Consumers’ rights and protections will also remain unchanged.
- The UK and the EU will begin discussions on the future relationship including the Political Declaration commitments to conduct mutual equivalence assessments by mid-2020.
- Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020 – and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU."
Source: https://www.fca.org.uk/news/speeches/global-regulation-local-solutions
Source: https://uk.reuters.com/article/uk-britain-eu-markets/uk-watchdog-tells-markets-be-ready-in-case-of-no-deal-brexit-idUKKBN1ZM152
Posted by Peter Oakes (www.peteroakes.com)
- thanks to Quent Rickerby (Linkedin Post)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com