The FCA confirms final rules for firms in the event of a no-deal Brexit


Busy Friday for the UK FCA. The regulator has earlier today confirmed that all companies acting in or from the United Kingdom are prohibited from selling, marketing or distributing binary options to retail consumers.

Later on, the regulator released its final instruments and guidance that will apply in the event of a no-deal Brexit or an implementation period.

The package of documents published contains the majority of the final instruments and guidance, following the February publication of the FCA’s Policy Statement with near-final instruments.

The FCA claims that has made just a few slight changes from the previous versions. The most significant change is that the instruments now commence on ‘exit day’, rather than 11pm on 29 March.

These changes relate to:

  • UK managers of EEA UCITS funds
  • the application of the Client Assets sourcebook (CASS) to activities carried on from an EEA branch, and
  • the distance marketing provisions.
Nausicaa Delfas FCA

Nausicaa Delfas, FCA

Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority said:

The documents published today are the final stages in our preparations in the event that the UK leaves the EU without an implementation period: they ensure that firms have certainty of the financial regime they will be operating within, and so can plan accordingly to meet the needs of their customers.

The FCA has also confirmed it has extended the notification window for firms who wish to enter the TPR until the end of 11 April 2019.

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