UK regulators welcome Brexit ‘back-stop’ legislation

London’s financial services still face uncertainty over the post-Brexit environment

UK regulators have welcomed the publication of draft laws that could avoid an abrupt rupture between UK and European financial markets in the event of a ‘hard’ Brexit.

The draft “statutory instrument” creates temporary permissions for firms based in the European Economic Area (EEA) to continue to operate in the UK. If passed, the legislation would extend “passporting rights” to the end of the Brexit transition period, which runs from the UK’s official departure date of March 2019, until

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