UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations

The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.

Key Points:

..The FCA has published an updated version of the FCA Handbook, together with a related guide, which contains the rules that will apply at the end of the transition period.

..The FCA, Bank of England, and PRA intend to apply the Temporary Transitional Power on a broad basis after the end of the transition period for 15 months, until 31 March 2022.

..Key areas where transitional relief will not be given and firms need to be ready to comply with by 1 January 2021 include certain reporting obligations and market abuse requirements.

..The FCA and PRA Dear CEO letter to PRA-regulated firms outlines final preparations for the end of the Brexit transition period.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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