FCA Sets Out MiFID Plan In Case Of No-Deal Brexit
By Lucia Osborne-Crowley
December 17, 2020, Law360
Britain’s financial regulator has told banks and financial services companies how it plans to implement the European Union’s sweeping capital markets rulebook if negotiators fail to strike a trade deal before the Brexit transition period ends on the last day of 2020.
The Financial Conduct Authority said on Wednesday that it has drawn up plans for carrying over some provisions of Europe’s capital markets regime, the Markets in Financial Instruments Directive, or MiFID II, if Britain leaves the bloc without a deal when the clock strikes midnight on Dec. 31.
