Temporary intervention by the European Securities and Markets Authority (ESMA), which prohibits binary options and restricts forex and CFD trading for retail clients, will be migrated to the UK. Under a plan published by FCA, these measures will become an internal law in the case of hard Brexit on the day Britain leaves the EU.
This move is in line with the EU Withdrawal Act, and companies in the UK will be forced to comply with ESMA's decisions until their deadline expires in April 2019. The London regulator is preparing to make temporary constraints permanent.
"We continue to prepare for many different scenarios when leaving the UK, including one in which the separation took place on 29 March 2019 without a ratification agreement between the UK Government and the EU being signed," they stressed regulators.
Source: Finance Magnates
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