The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
From 1 April 2013, the PRA and the FCA replaced the FSA. From 1 April 2013, in addition to the need to identify which regulator is relevant to the firm's activities and potentially seeking dual authorisation from the PRA and FCA, firms have had to consider the concept of PRA-regulated activities, for which permissions are needed, as well as regulated activities for which FCA permissions are needed. For more information see: Regulated activities—specified activities and investments—overview, Prudential Regulation Authority—supervisory approach—deposit-takers and Prudential Regulation Authority—supervisory approach—insurers
One of the changes from 1 April 2013, and outlined in CP 12/24 and CP 12/26 and PS 13/05, was the change to the way a firm should apply to vary or cancel its authorisation or Part 4A permissions, or to vary or cancel requirements that are imposed on it by the PRA or FCA. Firms
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