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FCA strives for smooth regulatory transition in event of no-deal Brexit

Neil Hodge | October 11, 2018

The U.K.’s financial services regulator has unveiled its plans to deal with the aftermath of a “no-deal” Brexit scenario that would effectively see EU rules withdrawn overnight.

On 10 October the Financial Conduct Authority (FCA) published two consultation papers that set out its proposals about how firms will continue to be regulated and how firms in the European Economic Area (EEA) will be able to continue conducting business in the United Kingdom in the event the country leaves the European Union on 29 March 2019 without a transition period.

The consultation papers also set out the FCA’s approach to the regulation of credit rating agencies, trade repositories, and data reporting services providers, as European agencies such as the European Securities and Markets Authority (ESMA) will no longer have jurisdiction over such firms once Brexit is finalised.

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