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FCA’s approach to authorising and supervising international firms

Compliance Monitor

FCA’s approach to authorising and supervising international firms

In a post-Brexit market, the Financial Conduct Authority has published guidance for international firms that provide, or seek to provide, financial services in the United Kingdom. Charlotte HillandArnav Guptaexplain the various legal set-ups, authorisation applications, along with the regulator’s expectations on risk mitigation.

International firms undertaking regulated financial services play an important role in the UK financial services market. They hold significant amounts of assets, support the smooth and efficient functioning of wholesale and retail markets, and provide key services to UK consumers and businesses. The FCA envisages an increase in the number of international firms seeking authorisation in the UK following the end of the Brexit transition period. Accordingly, the FCA believes it would be helpful to set out its approach to authorisation for international firms and recently published a document on authorising and supervising international firms providing or seeking to provide financial services in the UK market. [1] The guidance applies to authorised firms, applicants currently seeking authorisation and those intending to apply for authorisation in the future. It does not intend to change existing rules [2]; rather it complements the FCA’s existing policy statements and guidance [3], as well as the FCA Handbook [4].

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