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ARTICLE · 15 OCTOBER 2019

Brexit Asset Management Update (October 4, 2019)

Herbert Smith Freehills Kramer LLP
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The FCA has updated the draft transitional direction and draft prudential transitional direction (with explanatory note) under its Temporary Transitional Powers (TTP). Key updates include

European UnionWealth Management
Nigel Farr
Nigel Farr
Tim West
Tim West
Nish Dissanayake
Nish Dissanayake
Stephen Newby
Stephen Newby

In this blog post we summarise the latest Brexit developments related to asset management.

EU Exit: FCA extends duration of TTP directions

The FCA has updated the draft transitional direction and draft prudential transitional direction (with explanatory note) under its Temporary Transitional Powers ( TTP). Key updates include:

  • extending the proposed duration of the directions from 30 June 2020 to 31 December 2020;
  • updating the provisions relating to prudential requirements to reflect new HM Treasury (HMT) legislation and FCA exit instruments published since 29 March 2019;
  • revoking certain directions in relation to payment services, provided by EEA credit institutions in the financial services contracts regime, as these are no longer needed because of legislative amendments made by the Government; and

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