FCA Sets Out Exemptions To Financial Services Brexit Relief

Law360, London (October 1, 2020, 4:35 PM BST) -- The Financial Conduct Authority set out rules on Thursday that banks must begin following when the Brexit regulatory transition period ends in December, covering areas where the regulator said it would harm consumers and jeopardize the integrity of the U.K. market if it granted relief.

The City watchdog said that regulated financial companies should begin complying with reporting requirements under the updated Markets in Financial Instruments Directive, known as MiFID II, and the European Market Infrastructure Regulation, or EMIR, from the start of January next year. The two sets of rules are designed to strengthen the securities markets.

The FCA has also told...

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