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Brexit

FCA extends “temporary transitional power” – but not for everything

Now that Brexit is back in discussion  and a “no deal Brexit” more possible (see here), preparation activity is beginning to increase.

Last week, the UK’s Financial Conduct Authority (FCA), announced an extension to the temporary relief previously granted, that would apply in the event of a no deal Brexit, to certain aspects of financial regulation.  The measures would now apply until 31 December 2020.

However, the relief does not apply to certain aspects of regulation, for example to EMIR obligations, and MiFID II reporting obligations. These would continue, using new arrangements, immediately after a no deal Brexit.

The FCA notice can be found here.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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