Britain gives EU banks more time for no-deal Brexit preparations
01 Apr 2019

Britain’s financial regulators have given European Union banks, insurers and asset managers more time to decide whether to continue serving British customers if there is a no-deal Brexit.

Britain introduced a “temporary permissions regime” or TPR for EU financial firms to notify UK regulators if they want to continue serving UK customers after March 29 if the United Kingdom left the bloc with no divorce settlement.

Once notified, the firms would have up to three years to apply for a new UK license. If they don’t notify regulators, they would have to close their business in Britain.

By Huw Jones, Reuters, 29 March 2019

Read more at Reuters

Read more:

Factbox – Impact on banks from Britain’s vote to leave the EU

Almost £800 billion of assets moved from UK to EU over Brexit fears

Barclays boss says UK finance sector will dodge Brexit bullet

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
No Responses to “Britain gives EU banks more time for no-deal Brexit preparations”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.