Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

GEN 2A.1 Introduction

Application

GEN 2A.1.1 G

1This chapter applies to any person to whom any provision in the FCA Handbook applies and to any reader of the Handbook.

GEN 2A.1.2 G

1This chapter also applies in respect of instruments or documents issued by the FCA under an enactment that do not form part of the FCA Handbook. Accordingly, it applies to any person to whom such an instrument or document applies and to any reader of any such instrument or document.

Purpose

GEN 2A.1.3 G

1Section 1B of the EUWA makes cross-cutting provision to ensure that UK legislation gives effect to the implementation period at Part 4 of the withdrawal agreement. For example, it makes sure, where relevant, that the definition of “Member State” used in EU-derived legislation is treated as if it includes “the UK” and that references to “EU law” (however expressed) are read as a reference to such law so far as it is applicable to and in the UK by virtue of Part 4 of the withdrawal agreement. The effect of the EUWA is that these provisions also apply to FCA Handbookrules and other legislation (within the meaning of the EUWA) made by the FCA.

GEN 2A.1.4 G

1The purpose of this chapter is to confirm and explain that, during the implementation period, the entire FCA Handbook and other documents issued by the FCA should be read in light of section 1B of the EUWA.

Interpretation

GEN 2A.1.5 G

1In this chapter, the expression “EUWA” means the European Union (Withdrawal) Act 2018.

GEN 2A.1.6 G

1In this chapter the expressions “implementation period”, “EU-derived domestic legislation” and “enactment” have the same meaning as in the EUWA and the expressions “withdrawal agreement” and “IP completion day” have the same meaning as in the European Union (Withdrawal Agreement) Act 2020.

GEN 2A.2 Interpreting the Handbook and other documents during the implementation period

GEN 2A.2.1 G
  1. (1)

    1During the implementation period rules, directions (including waivers), guidance, statements of policy and/or procedure, and any other instrument or document made or issued by the FCA under an enactment should be read in light of section 1B of the EUWA.

  2. (2)

    This means that, until IP completion day, those things should be read as far as the context permits or requires as if:

    1. (a)

      any reference to the “Treaties” or the “EU Treaties” as defined in section 1(2) to (4) (Interpretation) of the European Communities Act 1972, includes Part 4 of the withdrawal agreement (implementation period), other than that Part so far as it relates to, or could be applied in relation to, the Common Foreign and Security Policy;

    2. (b)

      the United Kingdom were a member State of the EU;

    3. (c)

      any reference to:

      1. (i)

        EU law;

      2. (ii)

        any particular EU Treaty or part of it;

      3. (iii)

        any EU instrument, or other document of an EU entity or of the EU, or any part of any such instrument or document;

      4. (iv)

        any part of EU law not falling within the (b) or (c);

      5. (v)

        any tax, duty, levy or interests of the EU; or

      6. (vi)

        any arrangement involving, or otherwise relating to, the EU of a kind not mentioned above,

      were a reference to any such thing so far as it is applicable to and in the United Kingdom by virtue of Part 4 of the withdrawal agreement;

    4. (d)

      any reference (however expressed and subject to paragraph (a) of section 1B(3)(a) of the EUWA) to the European Communities Act 1972 were, or (as the case may be) included, a reference to that act as it continues to have effect by virtue of section 1A(2) to (4) of the EUWA;

    5. (e)

      any reference (however expressed) to the area of the EU or of the EEA included the United Kingdom; and

    6. (f)

      any reference (however expressed) to a citizen of the EU or a national of the EEA included a United Kingdom national (within the meaning given by article 2(d) of the withdrawal agreement).

  3. (3)

    Such things should also be read in light of any additional modifications referred to in section 1B(3)(f) of the EUWA.