FCA Gives EU Banks More Time To Join ‘No-Deal’ Regime

Law360, London (March 29, 2019, 1:54 PM GMT) -- The Financial Conduct Authority said Friday it is giving Europe’s banks and insurers more time to decide whether to apply for authorization to continue serving British consumers if the U.K. crashes out of the bloc without a Brexit deal.

European financial services companies have until April 11 to apply for the regulator's temporary permissions regime, the FCA said on the day that Britain had been due to leave the European Union. Businesses in the European Economic Area that sign up would be allowed to continue working in Britain under so-called passporting rules for the duration of their existing contracts while they seek...

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