Asset managers and other financial companies from the European Union who want to remain active on the UK market after a possible no-deal breakdown have one week to register with the UK regulator, a high official warns at the British stock market watchdog FCA.
British Prime Minister Theresa May is currently making a fierce attempt in Brussels to postpone the Brexit deadline. It is currently still on March 29. Following FCA director Nausicaa Delfas must request from financial funds to be active in the UK after that date before March 28.
According to Delfas, more than 1000 European institutions have already said they want to make use of the British transitional arrangement. This allows them to continue working in the UK for up to three years if there is no competitionещ between the EU and the British. Companies can use that time to get a new license. The FCA is counting on more requests in the coming period.