The FCA has published the final onshoring instruments, related guidance and Temporary Transitional Power (TTP) directions that will apply at the end of the Brexit transition period.
To prepare for the end of the transition period, the FCA has 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.
These changes ensure that a functioning regulatory and legal framework for financial services continues to be in place after the transition period.
Today’s update follows the publication in September of the FCA’s Quarterly Consultation Paper (CP20/18)[1] containing draft, onshoring-related instruments. The final instruments are largely unchanged from the versions consulted on in CP20/18, and these changes are outlined in Handbook Notice 83[2].
The TTP directions[3] were also made and published today. 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, but there are some areas where the TTP will not apply[4].
Firms will be able to see which changes will apply to them by reviewing the new Handbook site[5] alongside the updated TTP information.