Handbook website changes for EU withdrawal and application of the TTP
The FCA has today published an updated version of the FCA Handbook to show the rules that will apply at the end of the transition period. It has also set out details on how it intends to use the Temporary Transitional Power (TTP).
The TTP gives the FCA flexibility as to how and when changes to its rules apply following the end of the transition period, allowing firms to transition to the new regime. Where it applies, the TTP means that firms and other regulated persons can continue to comply with their existing requirements for a limited period.
The FCA intends to apply the TTP on a broad basis from the end of the transition period until 31 March 2022. This means firms and other regulated persons do not generally need to prepare now to meet the changes to their UK regulatory obligations brought about by onshoring.
There are areas where it would not be appropriate for the FCA to grant relief at the end of the transition period, including where doing so would not be consistent with its statutory objectives. By reviewing the new Handbook site, alongside the updated TTP information, firms will be able to see which changes will apply to them.
We have also published:
- amendments made by all of the FCA’s Brexit-related instruments to end September 2020
- updates to our guidance on EU non-legislative materials, non-Handbook material and forms. The guidance documents can be found on the following FCA webpages:
- a navigational guide to help firms find their way around the updated Handbook website.
For further detail about the changes made to the Handbook as a result of instruments made by the FCA Board this month please see our Handbook Notice 80.