FCA Extends Interim Powers To Waive Rules In No-Deal Brexit

Law360, London (July 25, 2019, 12:14 PM BST) -- The Financial Conduct Authority said Thursday that it will give financial services companies an additional six months to escape some regulation if Britain crashes out of Europe without a deal or transition period under Prime Minister Boris Johnson.

The FCA announced it is extending its temporary regime after new prime minister Boris Johnson, who has pledged to exit the EU on Oct. 31 with or without a deal, moved into Downing Street. (AP) The City watchdog said it will extend its so-called temporary transitional powers until the end of December 2020. The crisis arrangement, which the U.K. Parliament legislated for as...

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