The UK Government and the European Council agreed to delay Brexit until October this year at the European Summit on 11 April 2019. However, the UK Government and Parliament are trying to indicate a way forward and continue to explore the possibility of a withdrawal before 23 May, the date of the European Parliament Election. We will continue to monitor developments closely and assess the impact for KAS BANK and its clients.
16 Apr 2019
KAS BANK has contractual arrangements with UK based counterparties and service providers and any changes to these relationships have been, or are being, addressed to ensure that our services continue seamlessly.
Temporary Permissions Regime
The UK Government has legislated for the Temporary Permissions Regime (“TPR”) and the UK Branch of KAS BANK has notified the Financial Services Authority (FCA) that it wishes to be treated in accordance with the TPR regulations. This means the UK Branch of KAS BANK can continue to carry out the permitted regulated activities that were in place prior to the exit date. Thereafter third-country branch authorisation will be sought. This means that our UK Branch will be wholly regulated by the FCA. Furthermore, from a UK Branch perspective we do not anticipate these changes having an impact on our client base or other relationships.
All our Brexit planning has been based on a no-deal scenario and this continues to be the case. We continue to monitor developments very closely and will provide further updates as the negotiations develop.
UK Compliance Officer / Data Protection Officer
+44 20 7153 3632