PRA 'Broadly' Prepared For Brexit, Chief Exec Tells MPs

Law360, London (January 23, 2019, 8:22 PM GMT) -- The United Kingdom's Prudential Regulation Authority is “broadly on track” in its preparations for Brexit in 65 days, and around 80 foreign banks and insurers have applied to establish branches to preserve their operations in London, a senior official told lawmakers on Wednesday.

Sam Woods, the PRA’s chief executive officer, sought to reassure Parliament’s influential Treasury Committee that the regulator was set for Britain to leave the European Union on March 29.

“Broadly I think we are on track,” Woods said. “We’ve expected for about the last 12 months now that the firms we’d have applying for that, split across banks...

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