The BoE and Prudential Regulation Authority (PRA) have published a consultation paper (CP13/20) on changes to be made before the end of the transition period at 11pm on Thursday 31 December 2020 (defined in UK law as ‘IP completion day’). Supplementary appendices have also been published. CP13/20 contains:
- Section A – an update on the BoE and PRA’s intended use of the temporary transitional power (TTP) provided for in the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019; and
- Section B – a BoE and PRA consultation with proposals to fix deficiencies arising from the UK’s exit and make consequential changes before the end of the transition period.
The BoE and PRA intend that the proposed changes take effect on IP completion day. Feedback is requested by 17 November 2020.