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
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