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FCA Floats New No-Deal Brexit Rules For Firms

Law360 (December 17, 2018, 3:52 PM EST) -- The Financial Conduct Authority ratcheted up preparations for a no-deal Brexit on Monday by releasing proposed rules for European Union financial services firms whose temporary work wraps up after March so they might see out their contracts "in an orderly fashion." 

The U.K.'s financial watchdog published draft legislation that would allow financial firms to continue working under passporting rules, which enable U.K. businesses to trade with Europe, for the duration of their contracts. 

The so-called Financial Services Contracts Regime would let firms in the European Economic Area wind down regulated business started before Britain's exit in the event the U.K. leaves without a withdrawal...

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