FCA Cements Deadline For Rule Waivers In No-Deal Brexit

Law360, London (September 26, 2019, 6:22 PM BST) -- The Financial Conduct Authority on Thursday said financial services companies will be granted relief from some regulations until the last day of 2020 if Britain crashes out of the European Union without a transition period or deal.

The City regulator updated and published a draft of its so-called temporary transitional power, which cements its power to waive or modify some aspects of its supervision of U.K. banks and insurers until the end of 2020 if there is a “hard” Brexit. The FCA’s temporary powers will help prevent a “cliff-edge” outcome for the finance sector, ensuring it has more time to meet...

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