UK Finance Watchdog Alert For Post-Brexit Rule Changes
The Financial Conduct Authority, Britain’s finance watchdog, said Friday after the U.K. voted to exit the European Union that it is keeping a keen eye out for any potential changes to financial regulation, but that rules derived from EU law will stay intact for now.
The 52 percent to 48 percent vote in favor of Britain’s exiting the EU is keeping the FCA and supervised firms as well as the British Treasury, the Bank of England and other U.K. authorities staying in close contact as they monitor developments in the financial markets, the FCA said in a statement on the EU referendum result.
Global firm Dechert LLP, which has offices in London and New York among other locations worldwide, said in a message to clients that U.K. Prime Minister David Cameron has said that once he formally notifies the European Council of the U.K.’s intention to leave, the EU treaties will set a two-year time limit for the U.K.’s exit to begin.
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