Further to chapter 2 of CP18/34 and CP19/01, FCA sets out its final requirements and guidance on recovering the costs of regulation from credit rating agencies, trade repositories and securitisation repositories post-Brexit. FCA has implemented the proposals it consulted on apart from a small technical change that gives firms greater flexibility over their reporting years. The rules will come into effect on the day the UK leaves the EU.

FCA has published details of instruments passed at its Board meetings on 28 February (additional to those announced earlier) and 28 March 2019. These are: Fees (Office for Professional Body Anti-Money Laundering Supervision) Instrument 2019/9; Reporting of Information About Directory Persons (Dual-Regulated Firms) Instrument 2019/11; Consumer Credit (Rent-To-Own Cost Cap) Instrument 2019/13; Financial Ombudsman Service (Award Limit) Instrument 2019/12 (FOS 2019/1); Fees Manual (Financial Ombudsman Service Case Fees 2019/2020) Instrument 2019 (FOS 2019/2); Financial Services Compensation Scheme (Management Expenses Levy Limit 2019/20) Instrument 2019/14; Approved Persons Regime (Exclusion for Claims Management) Instrument 2019/16; Consumer Credit (High Net Worth Exemption) Instrument 2019/17; Fees (Credit Rating Agencies, Trade Repositories and Securitisation Repositories) Instrument 2019/12; European Union Withdrawal Instruments 2019/18 - 20, 22 - 56 and 60 – 62; Small Business (Eligible Complainant) (Amendment) Instrument 2019/63 (FOS 2019/4). Instruments may be downloaded via the second link.

ESMA has registered Beyond Ratings SAS as a credit rating agency under the Credit Rating Agencies Regulation, effective from 18 March 2019.

The regulators have published press releases setting out their positions with regard to UK and EU credit rating agencies in the event of a no-deal Brexit.

FCA has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period and highlights the draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. PS19/5 (sets out responses to feedback on proposals set out in the CPs and provides the texts of near-final instruments. The proposals concern: amendments to the Handbook to correct deficiencies created by Brexit; amendments to Binding Technical Standards to correct deficiencies; the establishment of a temporary permissions regime for EEA entities operating in the UK; a financial services contracts regime for EEA entities seeking to service existing business, but not undertake new business, in the UK after Brexit; the establishment of regulatory regimes for credit rating agencies, trade repositories and securitisation repositories; EU Level 3 material; non-Handbook guidance and forms. FCA expects its Board to make the instruments on 28 March 2019 if a withdrawal agreement has not been ratified by the UK and EU. FCA notes that the temporary transition power, which would give it the ability to waive or modify changes to regulatory requirements amended under the EU (Withdrawal) Act, will be used so firms and other regulated entities do not generally need to prepare now to meet new UK regulatory obligations. In most cases, FCA plans to allow firms a period of 15 months to adapt to these changes.

ESMA has highlighted the following areas as its main areas of focus: supervision of trade repositories; credit rating agencies and the monitoring of third-country market infrastructures such as third-country central clearing counterparties and third-country central securities depositories.

This SI has now been made.

Following a July 2018 consultation, ESMA has published revised guidelines on the information which credit rating agencies need to report to ESMA for supervisory purposes.

The report considers a number of SIs, including the Draft Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, which is drawn to the "special attention of the House". It discusses the impact assessments accompanying the SI and to nine other instruments that address deficiencies in UK law and retained EU law relating to financial services regulation that arise from Brexit.

FCA's press release notes that it has now opened applications for credit ratings agencies and trade repositories looking to offer services in the UK after 29 March 2019. In addition, EEA data reporting services providers authorised under MIFID should notify FCA if that they wish to provide data reporting services in the UK after exit day by 15 February 2019.