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UK Floats Rules For Fulfilling Existing EU Financial Contracts

Law360, London (January 8, 2019, 6:13 PM GMT) -- The Financial Conduct Authority on Tuesday began consulting on Brexit preparations that it said will ensure that the bloc's financial firms can fulfill existing cross-border contracts if the U.K. exits the European Union without a transition period.

The FCA set out rules under the so-called financial services contracts regime, which will allow banks and insurers based in the European Economic Area to complete their existing contractual obligations in the U.K. after March. This will ensure that the regulatory framework continues to cover the bloc’s firms and will protect Britain’s customers by minimizing market disruption, the financial watchdog said.

The regime will...

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