Preparing for BREXIT

11 December 2018 Alistair MacDougallCompliance

There might be a deal. There might not be. Either way, the FCA has done quite a lot of work in preparation for BREXIT and you can access that information here.

The information includes a guide for firms in preparing for BREXIT.

The FCA has made arrangements for non-UK firms to continue operating post-BREXIT. Unfortunately, to date, the EU has not reciprocated and UK firms that currently passport services into an EU or EEA country, or who wish to do so, will need to contact the relevant regulator in the countries where services are provided to identify what is required to be able to provide those services after BREXIT at the end of March 2019.

The EU/EEA countries are Austria, Belgium, Bulgaria, Croatia, Cyprus (Republic of), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Details of all regulators in the EU/EEA can be found here.

Don’t forget to check Our View about this article and the Actions Required By You

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Alongside all the political high drama surrounding BREXIT, life goes on. Firms should refer to the FCA guidance to identify any action that is required. Firms that only do business with retail clients based in the UK are unlikely to see much change in the short term. But firms currently passporting services into the EU/EEA need to act soon to identify what the relevant EU/EEA regulators require for those activities to continue.

Action Required By You

Review the FCA BREXIT information to identify how your firm is affected;
If required, contact the relevant EU/EEA regulators to ensure that services provided in EU/EEA countries can continue;
Speak to your ATEB consultant for more assistance, or contact ATEB.

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