FCA makes Brexit related announcements including new EMIR details

Last week, following the granting of powers under “Temporary Transitional Power (TTP)” the UK’s Financial Conduct Authority (FCA) published this notice highlighting details around changes in regulation, that will come into effect at the end of the Brexit transitional phase, on 1st January 2021 which will be implemented as part of an updated FCA handbook. While some of the changes are to be phased in over a 15-month period, the parts more relevant for energy and commodities will, for the most part, apply from the beginning of 2021, other than some that will be delayed for a month. EMIR UK will apply for UK entities from 1st January 2021, from which time reporting is to be made to a UK registered Trade Repository. The FCA has released this modified version of the EMIR “validations spreadsheet” which contains modified rules, some of which apply from 1st January and some from 1st February. The changes span all financial regulations and in some cases could also apply to non UK entities.

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Source: CTRM Center

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