The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note outlines practical steps and considerations that financial institutions (firms) should be taking in preparation for Brexit. Further details regarding Brexit can be found in the Financial Services—Brexit—timeline and Brexit toolkit.
Firms should undertake a review of how they and their clients will be affected by Brexit—for example:
how important is the EU to the firm and its client base?
to what extent does each of the firm’s products and services rely on, or need to be compliant with, EU law?
how will the firm be affected by the loss of single financial services market passport(s)?
will the firm need to become a participant in EU27-based central counterparties (CCPs) or central securities depositories (CSDs) or other infrastructures?
does the firm transfer personal data between the UK and European Economic Area (EEA) or vice versa?
is the firm part of a wider corporate group based in the EEA or does the firm receive any funding from an entity in the EEA?
The Financial Conduct Authority (FCA) set out further steps that UK firms conducting business in the EEA and EEA firms conducting business in the UK should consider in advance of Brexit on its ‘Preparing your firm for Brexit’ webpage which was first published after the UK government’s White Paper setting out ‘The future relationship between the United
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