The European Council confirmed on the 15 December 2017 that progress had been made to move to the second phase of the negotiations related to the transition. The FCA welcomes the intention to provide for an implementation period, which allows firms to continue to benefit from passporting between the UK and EEA, to ensure a smooth and orderly exit of the UK from the EU. The FCA will also monitor the negotiations and communicate to firms accordingly.

The FCA states that, “The UK remains a Member State of the EU and therefore all rights and obligations derived from EU law continue to apply. Firms must abide by their obligations and continue with implementation plans for legislation that is still to come into effect.”

Read the FCA’s press release