FCA welcomes Brexit implementation period

The FCA has welcomed the agreement reached by the European Council on the terms of an implementation period that will apply following the UK's withdrawal from the European Union.

The implementation period is intended to operate from 29th March 2019 until the end of December 2020, during which time European Union law would remain applicable in the United Kingdom.

Firms and funds would continue to benefit from passporting between the UK and European Economic Area during the implementation period.

“Obligations derived from EU law would continue to apply and firms must continue with implementation plans for EU legislation that is still to come into effect before the end of December 2020,” said the FCA.

“Consumer rights and protections derived from EU law would also continue to apply.”

The implementation period forms part of the withdrawal agreement, which is subject to further negotiations between the UK and EU before it is finalised.

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