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ARTICLE · 07 AUGUST 2019

Brexit Asset Management Update - August 2, 2019

Herbert Smith Freehills Kramer LLP
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The FCA has announced that it will extend the proposed duration of the directions issued under the temporary transitional power to the 31 December 2020.

United KingdomGovernment, Public Sector
Nigel Farr
Nigel Farr
Tim West
Tim West
Nish Dissanayake
Nish Dissanayake
Stephen Newby
Stephen Newby

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

FCA extension to use of temporary transitional power

The FCA has announced that it will extend the proposed duration of the directions issued under the temporary transitional power to the 31 December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA's approach remains unchanged. The FCA will publish further information before exit day on how firms should comply with post-exit rules. The extension is aligned with the end date intended by the Bank of England and the PRA.

EU Exit draft SI

The draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (with draft explanatory memorandum), which remedies certain deficiencies in legislation arising as a result of the UK's exit from the EU, has been published.

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