FCA Executive Director Outlines Regulator’s Brexit Preparations and Expectations for Fund Managers

As the two-year period for negotiations regarding the U.K.’s withdrawal from the E.U. (commonly known as “Brexit”) winds down, the U.K. Financial Conduct Authority (FCA) expects fund managers to anticipate various scenarios and prepare accordingly. In a recent speech, Nausicaa Delfas, Executive Director of International at the FCA, offered her reflections on the regulator’s preparations for Brexit. During her remarks, Delfas outlined the FCA’s behind-the-scenes work to facilitate a smooth transition; the regulator’s expectations of fund managers and other firms it regulates; and its vision for the future. The speech provides valuable insight to fund managers about what the FCA expects regarding Brexit, as well as what they should be doing currently to prepare. This article highlights Delfas’ key points. For more on Brexit, see “Preparing for Brexit a Key FCA Priority for 2018/2019” (May 31, 2018); “Dechert Partners Discuss How Cross-Border European Fund Managers Can Prepare for Brexit’s Momentous Regulatory Effect” (Apr. 6, 2017); and “How ESMA’s Opinions on the Relocation of U.K. Financial Market Participants to the E.U. May Affect Fund Managers Post-Brexit” (Nov. 16, 2017).

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