FCA reveals plans for EEA firms in preparation for no-deal Brexit

To ensure 'smooth transition'

The Financial Conduct Authority (FCA) has laid out its proposals to ensure a "smooth transition" for EEA firms conducting business in the UK in case of a no-deal Brexit and a failure to secure an implementation period.

Its proposals are part of one of two consultation papers published on Wednesday (10 October), as the City regulator readies itself for its role in the fallout of the UK's departure from the European Union (EU). Brexit Blog: BoE warns £41trn of derivatives at risk post-Brexit If the UK leaves the EU without a deal on 29 March 2019 and therefore no transition period is implemented, EEA asset managers would lose their "passporting" permission to conduct business in the UK, as UK firms would lose their right to trade in the EU. EEA-based firms would then need to seek authorisation in t...