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What are the cliff-edge risks in the event of a ‘no deal' Brexit?

What could the impact be of the EU's failure to recognise UK trading venues as equivalent? What would the consequences be for firms supervised by the FCA if the UK was not granted data adequacy by the EU? How will the FCA seek to engage with other countries after Brexit?

These are among the questions the House of Lords EU Financial Affairs Sub-Committee will be asking Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA), on Wednesday 27 February 2019.

Other questions he is likely to face include:

  • Is there a risk that some of the statutory instruments may not be in place by 30 March 2019 and, if so, what is the FCA doing to mitigate those risks?
  • The FCA recently agreed a Memoranda of Understanding with ESMA and other EU regulators. Are these sufficient?
  • Under the ‘temporary transitional power', which areas of legislation may be subject to a delay of phasing-in?
  • The FCA has called for reciprocal UK-EU equivalence decisions to be taken during the transition period. Which equivalence decisions should be prioritised?
  • The FCA's Director of Market Oversight recently spoke of the risks of firms having gaps in their oversight as a result of Brexit. Could financial crime increase because of Brexit?

This evidence session, which is open to the public, will take place from 10.15am on Wednesday 27 February 2019 in Committee Room 3 of the House of Lords.

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