BoE Warns Finance Firms About End Of Brexit Transition

Law360, London (September 2, 2020, 2:21 PM BST) -- England's central bank warned on Wednesday that financial service providers in the U.K. must make sure they are prepared for the new regulatory environment that will come into existence when Britain officially leaves the European Union just before the clock strikes midnight on the last day of 2020.

The Bank of England has written to the chief executives of finance firms warning that the temporary permissions regime — the regulatory landscape that will emerge once Britain leaves the EU — will apply to most banks, insurance companies and other businesses it supervises at 11pm on Dec. 31.

"It is important that your...

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