FCA UK published its EU Withdrawal Impact Assessment
The Financial Conduct Authority (FCA) has published on 29th of November, 2018, its EU Withdrawal Impact Assessment. The assessment was requested by the Treasury Select Committee and sets out the impact of the Withdrawal Agreement and future framework on the FCA’s objectives.
In accordance the summary, as a public body, the FCA takes no position on the UK’s withdrawal from the European Union as such, nor do advocate a particular approach to withdrawal. Instead, FCA assess Brexit and what might happen over the coming months strictly through the lens of achieving FCA’s strategic objective to ensure that relevant markets function well, and FCA’s specific operational objectives – to protect consumers, enhance market integrity and promote competition.
The UK leaves the EU without an agreement either on 29 March 2019 or on 31 December 2020
If the EU and the UK do not ratify a Withdrawal Treaty in time for 29 March 2019, absent any alternative agreement, the UK would leave the EU with no implementation period. In a financial services context, this means defaulting to a “third country” relationship, with market access determined under World Trade Organisation (WTO) rules and EU or national Member State rules.
Read the full EU Withdrawal Impact Assessment HERE
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