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ARTICLE · 24 APRIL 2017

BREXIT- Hand-Over Your Contingency Plans…

Reed Smith (Worldwide)
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The letter highlights the need for UK companies to face the physical reality of Brexit and it will be interesting to see the types of contingency plans that emerge as a result.

United KingdomFinance and Banking
Chloe S. Clift
Chloe S. Clift
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Earlier this month the Bank of England's Prudential Regulation Authority (the 'PRA') wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary of their Brexit contingency plans.

The letter continues the regulator's focus on ensuring firms have robust measures and business strategies in place to respond to market turbulence.  Addressed to the CEO/Branch Manager of each company, the letter states that firms are expected to create concrete contingency plans for a variety of potential scenarios (given the wide range of possible outcomes), in light of the UK Government's decision to trigger Article 50.  This is to ensure the safety and soundness of each company's UK operation, and to mitigate any risk of adverse financial consequences through effective structural planning e.g. setting up a subsidiary.

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