The financial services contracts regime (FSCR) allows EEA firms to run off their regulated business in the UK, if the UK leaves the EU without an implementation period. This consultation paper sets out details of the FSCR and the rules we propose should apply to firms during the regime.
The FSCR will work alongside the temporary permissions regime, which enables inbound EEA firms to access the UK market while seeking full authorisation in the UK.
The FCSR allows EEA firms to conduct an orderly exit from the UK market by running off regulated business. The FSCR will apply automatically to EEA firms who have regulated business in the UK to run off, and either:
This paper sets out:
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