The UK's Financial Conduct Authority has published 'instruments and guidance' that will apply if the UK leaves the European Union without a deal or a co-called 'implementation period.' The requirement for a firm in the EU to tell it about the services that it offers to the UK in line with the 'temporary permissions regime' will now come into force on ‘exit day’, rather than 11pm on 29 March.

The FCA has also published most of its 'final' transitional directions. There are three areas in which it has changed some proposals that it floated in February. They relate to the British managers of UCITS (Undertakings for Collective Investments in Transferable Securities) funds in the European Economic Area; the application of its "client assets sourcebook" (or CASS, which forms part of its rulebook) to activities that an EEA branch might undertake, and its distance-marketing rules.