| Link(s): https://www.fca.org.uk/news/news-stories/fca-publishes-final-brexit-instruments-ttp-directions |
Context
On 22 December, the FCA published the final onshoring instruments, related guidance, and Temporary Transitional Power (TTP) directions applying at the end of the Brexit transition period
Key points to note
- To prepare for the end of the transition period, the FCA made further EU exit-related changes to its Handbook and Binding Technical Standards for which, in some cases, it shares responsibility with the Prudential Regulation Authority (PRA) or the Bank of England
- The changes ensure that a functioning regulatory and legal framework for financial services continues to be in place after the transition period.
- The changes follow on from the publication in September of the FCA’s quarterly Consultation Paper CP20/18 https://www.fca.org.uk/publications/consultation-papers/cp20-18-quarterly-consultation-paper-no-29 which contained draft onshoring related instruments
- The final instruments are largely unchanged from the versions consulted on in September and any changes are outlined within Handbook Notice 83 https://www.fca.org.uk/publication/handbook/handbook-notice-83.pdf
- The TTP has also been made and published https://www.fca.org.uk/brexit/onshoring-temporary-transitional-power-ttp/transitional-directions
- The TTP applies transitional provisions to financial services legislation for a temporary period. The TTP will be applied on a broad basis from the end of the transition period until 31 March 2022
- There are some areas of note to which the TTP will not apply and these can be found here https://www.fca.org.uk/brexit/onshoring-temporary-transitional-power-ttp/key-requirements-firms
- Firms will be able to see which changes apply to them by reviewing the FCA’s new Handbook website https://www.handbook.fca.org.uk alongside the updated TTP information
- TTP does not apply to various FCA rules, including:
- FEES rules and levies, rules applying to the temporary permission regime and various rules in: PRIN, GEN, MIPRU, IPRI(INV), COBS, ICOBS, MCOB, BCOBS, CASS, MAR, SUP, COMP, COLL, CONC, FUND, LR, PRR, DTR