Hard Brexit to Prompt UK to turn ESMA Temporary Measures into Law

The UK FCA has issued an announcement clarifying the stance of the UK on the matter

The European Securities and Markets Authority’s (ESMA) temporary intervention measures that prohibit binary options and limit marketing of forex and CFDs to retail clients will be migrated into the UK. Under a plan published by the FCA, the measures will become part of UK domestic law in case of a hard Brexit on the day the country leaves the EU.

The move is in line with the EU Withdrawal Act, and UK firms will be mandated to comply with ESMA’s measures until they expire in April 2019. As previously reported the London-based regulator is preparing to make the temporary restrictions permanent.

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“We continue to prepare for a range of scenarios for the UK’s withdrawal from the EU. This includes one in which the UK leaves the EU on 29 March 2019 without a withdrawal agreement and implementation period having been ratified between the UK Government and the EU,” the UK regulator outlined in its statement.

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