FCA sets out expectations for firms on Brexit

Michael Lloyd

October 11, 2019

fca fee

The FCA has set out its expectations for what firms need to do to prepare for a no-deal Brexit on 31 October.

During this time the FCA has recommended that reasonable steps be taken to comply with post-exit MiFID transaction reporting.

Firms that are not able to comply fully with the regime at the time of the UK’s withdrawal from the EU will need to be able to back-report missing, incomplete or inaccurate transactions.

The FCA claimed that it should be completed as soon as possible after 31 October.

Nausicaa Delfas, executive director for international at the FCA, said: “The FCA has been preparing to ensure UK financial services are well placed if the UK leaves without a deal.

“Today, we have set out steps certain firms need to take – it is important that firms are as prepared as possible if there is a no-deal exit, and that they are aware of what they need to do.”

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