Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA), has given a speech on Brexit at the Future of the City dinner in London.
Mr Bailey explained that the FCA is treating Brexit as a high priority and will do its utmost to make Brexit work in the interests of the British people. The FCA is working with the UK Government to take action to ensure that there exists a functioning regulatory regime from day one, by implementing the EU Withdrawal Bill.
Mr Bailey considered the operational issues arising from Brexit, including:
- The continuity of financial contracts between UK and EU counterparts
- UK and EU central counterparties providing clearing services in each other's jurisdiction
- Holding and sharing data between member states.
A copy of the speech can be viewed at: bit.ly/2o8UkWA