PRA Extends Temporary Powers To Ready For No-Deal Brexit

Law360, London (July 25, 2019, 5:49 PM BST) -- The Prudential Regulation Authority will give the finance industry more time to adjust to new regulations if the U.K. crashes out of the European Union without a deal in October, the regulator said Thursday.

The PRA and the Bank of England have the power to adjust regulatory requirements for the sector if there is a no-deal Brexit. The grace period was set to run out in June 2020, but the agencies pushed that back to December after Boris Johnson, who has promised to leave the EU with or without a deal on Oct. 31, was sworn in as prime minister....

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