Regulatory Alerts2019-01-07
Brexit and contractual continuity
The Financial Conduct Authority proposes rules for the Financial Services Contracts Regime (FSCR) to ensure EEA firms can orderly run off existing UK contracts after Brexit. The regime establishes two pathways, supervised run-off and contractual run-off, allowing firms without full UK authorization to service pre-existing agreements for limited periods. These measures aim to maintain consumer protection and market integrity by preventing the abrupt loss of passporting rights while restricting new business activities.
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