Our latest EU withdrawal updates
22 March 2019: The supplementary PRA Direction: Temporary permission and variation: notification before exit day published on the Temporary permissions regime (TPR) webpage clarifies the position where a firm that has submitted a notification to enter the TPR wants to withdraw its notification before exit day.
20 March 2019: The Bank of England issued a news release ‘PRA and FCA agree Memorandum of Understanding (MoUs) with EBA’.
14 March 2019: On 7 March 2019, the Government legislated to allow Part VII of FSMA insurance business transfers underway pre-exit, up to two years (from exit day) for the parties to obtain a court order sanctioning the scheme under the pre-exit Part VII regime. Details of the criteria to be met by firms looking to use the Saving Provisions are available in the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019. Any insurers with EEA business contemplating undertaking a Part VII and whose transfer is not already underway, should make immediate contact with their PRA supervisory contact, or email the PRA Part VII Transfers team at Portfolio.Transfers@bankofengland.co.uk.