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.