Brexit Remains an Immediate FCA Concern for 2019/2020, With Regulatory Evolution a Longer-Term Area of Interest

The U.K. Financial Conduct Authority (FCA) recently released its 2019‑2020 Business Plan. FCA Chief Executive Andrew Bailey has noted that, while dealing with Brexit is the most immediate challenge faced by the FCA, the regulator is also aiming to adapt to the ever-changing financial sector and prioritize the future of regulation. In addition to Brexit, the plan focuses on seven “cross-sector priorities” that will affect some or all of the seven distinct business sectors within its purview, including investment management. This article summarizes the FCA’s immediate and cross-sector priorities, as well as the other portions of the plan most relevant to private fund managers. For coverage of prior FCA business plans, sector views and mission statements, see “Preparing for Brexit a Key FCA Priority for 2018/2019” (May 31, 2018); “FCA Details Three of Its 2017 Priorities: Competition in the Asset Management Market, Liquidity Management and Custodians” (May 4, 2017); and “FCA 2016‑2017 Regulatory and Supervisory Priorities Include Focus on AML, Cybersecurity and Governance” (Apr. 14, 2016).

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