On 31 January 2020, the FCA and the Bank of England (BoE) published information on the status of the temporary transitional directions granted to them in the event of a no-deal Brexit. As the UK has left the EU with a deal, the UK has entered into an implementation period which is due to last until 31 December 2020.
The FCA’s updated webpage on temporary transitional powers (TTP) states that the TTP directions previously made by the regulator were not required at this stage and therefore did not come into force at 11 pm on 31 January 2020. The FCA will update firms on the position for the period after the implementation period in due course.
Similarly, the BoE updated its webpage on transitioning to post exit rules and standards to confirm that it has not made final versions of the BoE and PRA transitional directions or published updated transitional guidance materials. The BoE and PRA will communicate on the status of the transitional directions before the end of the implementation period.
The BoE has also published a new webpage on the European Union (Withdrawal Agreement) Act 2020 (EUWA 2020), confirming that the onshoring of EU law under the EUWA 2018 has been deferred until the end of the implementation period (31 December 2020).