FCA To Be ‘Pragmatic’ About Rules In Case Of No-Deal Brexit
Law360, London (October 11, 2019, 5:10 PM BST) -- The Financial Conduct Authority said Friday that it will take a “proportionate and pragmatic” approach to reporting rules if the U.K. crashes out of Europe without a deal or transition period on Oct. 31.
The City watchdog said financial institutions should take reasonable steps to comply with their reporting requirements but also acknowledged that leaving the EU during a working week could cause operational challenges for them.
The FCA said it will therefore ease off on its supervision of reporting rules for a limited period under the updated Markets in Financial Instruments Directive, or MiFID II, and the European Market Infrastructure...
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