The latest news on Brexit is that a new deal has been negotiated (see here on the Sky News web site). However, with a “no-deal” exit still possible on 31st October, it is still necessary to be as prepared as possible for such an outcome.
The FCA has promised in this statement that in the event of a no-deal Brexit, it will take a “proportionate and pragmatic approach to supervising reporting around exit day”. Those UK entities who are required to report under the MiFID II Transaction Reporting rules will have to transition to a new scheme.
The UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) has updated their advice on electricity trading arrangements in the event of a no-deal Brexit. The update can be found here. This article on the S&P Global Platts web site describes the changes. This article on the Reuters web site summarises the issues for the UK energy market in the event of a no-deal Brexit.
Saturday sees a vote in the UK Parliament on the newly proposed deal. In the event that the vote does not pass, no-deal preparations may need to be stepped up.