BoE: UK-based financial firms will face same regulations during transition period
“Back-stop” will be available if withdrawal agreement is not ratified
The Bank of England has told financial institutions there will be an “implementation period” during which time they will be able to continue following what is essentially their current regulatory regime.
Following a meeting of the European Council last week, the BoE says, in a statement issued today (March 28), that it is “reasonable for firms currently carrying on regulated activities in the UK… to plan that they will be able to continue undertaking these activities during the implementation
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