March 21, 2019 / 10:17 AM / a month ago

UK watchdog urges EU financial firms to take no-deal Brexit action

LONDON (Reuters) - Asset managers and other financial firms from the European Union have only a week to register with UK regulators to continue operating in Britain in the event of a no-deal Brexit, a senior regulator said on Thursday.

British Prime Minister Theresa May is in Brussels on Thursday in a bid to seek a short extension to the scheduled March 29 Brexit Day.

Nausicaa Delfas, executive director of international at the Financial Conduct Authority, said notifications from EU firms who want to continue serving UK customers must be received by March 28, the eve of Britain’s scheduled departure from the bloc.

Delfas said over 1,000 EU financial firms have notified the watchdog that they want to make use of Britain’s “temporary permissions regime”.

This allows them to continue operating in Britain for up to three years if Britain fails to secure a Brexit deal with Brussels, giving them time to apply for a new licence.

UK regulators have said that 8,000 “passports” are held by inbound or EU firms operating in the UK, meaning there are more applications likely in coming days.

“Notifications must be submitted by the end of 28 March 2019, just a week away,” Delfas told a conference in London.

Reporting By Huw Jones, editing by Lawrence White

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