The Bank of England and Britain’s Financial Conduct Authority (FCA) on Thursday published a “near final” version of the rulebook that would come into effect if Britain leaves the EU without a transition deal.
Britain has already turned EU laws into UK statutes, but this “onshoring” entailed some changes to function properly and financial firms have said they would have limited time to comply if there is a no-deal Brexit, meaning they would be in breach of regulation and face possible sanction.
“In most cases, we plan to allow firms a period of 15 months to adapt,” the FCA and BoE said in separate statements.
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