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On 7 April, the Bank of England gave financial firms a hard deadline of 14 July for submitting their contingency plans for Brexit, which passed last Friday.
These plans were required to contemplate a variety of scenarios including the prospect of a “hard Brexit”, which as the UK and EU governments
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Earlier this month the Bank of England’s Prudential Regulation Authority (the ‘PRA’) wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary of their Brexit contingency plans.
The letter continues the regulator’s focus on ensuring firms have robust measures and business strategies in place to respond to market turbulence.
Continue Reading BREXIT- Hand-over your contingency plans…