As a no-deal Brexit on 31 October remains a possibility, below are details of some recent developments and webinars which are available, which may be of interest to corporate practitioners.
FCA transitional arrangements
The FCA has updated the draft directions under its Temporary Transitional Power (TTP). The TTP gives the FCA flexibility in applying post-Brexit requirements, allowing firms time to transition to the new UK regulatory framework in the event of a no-deal Brexit.
The FCA first published its draft directions in February 2019. The changes to the updated directions include extending the proposed duration of the directions from 30 June 2020 to 31 December 2020.
The FCA also sets out the areas where it will not be granting transitional relief, and so where firms and issuers will have to take reasonable steps to comply with the changes to their regulatory obligations by Exit Day. Market abuse is one of these areas. This means that EEA entities which have securities admitted to trading on UK markets will be required to submit information to the FCA and disclose certain information (such as inside information and PDMR dealings) to the market from Exit Day (in addition to any other EU27 markets on which they are listed).
Webinars on no-deal Brexit
We have recorded a number of webinars in which we look at the impact for businesses of a no-deal Brexit on M&A, contracts, disputes and employment.
To access the webinars, please register here.