FCA has further updated its website with information on Brexit and Temporary Directions. It explains how:
- It will not need to use the Temporary Transitional Power it had previously made directions under, as the implementation period has now stated, during which time EU law will continue to apply; and
- UK firms do need to consider whether they carry on business in or into the EEA so they can prepare for the end of the implementation period. Firms should be anticipating a number of potential scenarios at the end of the implementation period, in relation to customers, outsourcing arrangements and payments between the UK and EEA.
The BoE has also published new webpages on transitioning to post-EU rules and standards that would apply after the end of the implementation period – but which may be subject to change.
The European Commission has recommended that negotiations should start at Council level towards a new partnership with the UK.
Finally, the Government has stated that the future agreement with the EU should, for financial services, require both sides to provide a predictable, transparent and business-friendly environment for financial services firms, with enhanced regulatory and supervisory cooperation agreements and a structured withdrawal of equivalence findings.