Gov’t Mulls Interim Powers For Watchdogs In ‘No Deal’ Brexit

Law360, London (January 24, 2019, 2:45 PM GMT) -- The government has asked an influential parliamentary committee for its opinion on proposals to hand temporary powers to U.K. financial regulators, which would allow financial services companies to skirt some regulations if Britain crashes out of Europe without a deal.

HM Treasury has asked the Treasury Committee for a response to its plans to give the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority power to waive some aspects of their supervision of British banks and other businesses.

The ministry wants to know whether the proposals will help soften the impact of regulatory change on U.K. banks if the country...

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