General Insurance Article - More FCA proposals to prepare regulatory regime after Brexit

The FCA have published two further consultations to prepare for the UK’s exit from the EU. They have published proposals to introduce the financial services contracts regime (FSCR) as well as proposed fees for regulating securitisation repositories.

 They continue to plan for a range of outcomes to the Brexit negotiations. One of these outcomes is the UK leaving the EU on 29 March 2019 without an implementation period. You can read more about how the FCA are preparing on theirr Brexit webpages.

 The proposals they have published will help ensure they have a functioning regulatory framework in place. They are working to ensure as smooth a transition as possible. By consulting, theirr aim is to provide certainty and confidence for firms operating in the UK.

 They welcome your continued engagement and encourage you to consider the impact of their proposals.

 Financial services contracts regime
 We have set out proposals to implement the financial services contracts regime (FSCR) so that EEA firms can fulfil their existing contractual obligations in the UK.

 The FSCR allows for the continuity of existing contracts after exit day for EEA firms which either:

 do not enter the temporary permissions regime, or
 exit the regime without full UK authorisation
 Allowing contracts to continue is important for protecting UK consumers and minimising market disruption.

 The FSCR does not allow EEA firms to take on new business after 29 March 2019. Similarly, EEA-based managers, depositaries and trustees of UK authorised funds cannot continue to manage or provide services to these funds after exit day under FSCR. These firms and fund managers will need to enter the temporary permissions regime.

 Read our consultation: CP19/2

 Securitisation consultation
 The FCA will regulate securitisation repositories after the UK leaves the EU on 29 March 2019. They are consulting on proposals for recovering the costs of regulating securitisation repositories.

 Read our consultation: CP19/1 

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