Tuesday, December 6, 2022

UK financial watchdog sets out post-Brexit rulebook By Reuters

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© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London

LONDON (Reuters) – Britain’s Financial Conduct Authority (FCA) published updated rules on Thursday that will apply from January after Brexit transition arrangements end, with waivers in some cases until March 2022.

Britain has adopted all EU financial rules into UK law and has given the FCA powers to decide how and when changes to its rules apply after the end of the transition period.

The FCA said it would temporarily waive some of the updated rules, meaning firms can continue to comply with existing requirements for a limited period.

“This means firms and other regulated persons do not generally need to prepare now to meet the changes to their UK regulatory obligations brought about by onshoring,” the FCA said in a statement.

But there are some areas like reporting transactions and issuer rules where it would not be appropriate for the FCA to grant relief after December.

The FCA said it expected firms to use the relief to prepare for full compliance with changes to their regulatory obligations by March 31, 2022.

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