The Financial Conduct Authority (“FCA”), Bank of
England (“BoE”) and Prudential Regulation Authority
(“PRA”) yesterday announced measures to extend certain
UK-specific Brexit transitional relief provisions for a further six
months until 31 December 2020, in line with the extension of Exit
Day until 31 October. This is generally in line with industry
expectations and does not signal any material changes to the
regulators’ policy or approach. (It should be noted that
these timelines are separate from the 3-year maximum period
applicable under the (separate) Temporary Permissions Regime
(“TPR”), which remains unchanged in terms of overall
maximum duration).
The FCA has issued a
statement confirming its intention to extend the proposed
duration of the directions issued under its temporary transitional
power (“TTP”) to the 31 December 2020, reflecting the
six-month extension of Article 50. The TTP is intended to minimise
disruption for firms and other regulated entities
