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UK regulator says EU firms express transition interest

LONDON (AP) — Britain’s financial regulator says about 1,300 firms from the rest of the European Union have expressed interest in a proposal that would smooth the transition for their businesses if the U.K. leaves the bloc without an exit deal.

A top official at the Financial Conduct Authority, Nausicaa Delfas, says the proposal would allow firms based in the European Economic Area – the EU plus Norway, Iceland and Liechtenstein – to continue operating in Britain for up to three years while they seek full authorization under the new regulatory regime.

Delfas, in a speech delivered Monday, says “we are working to ensure a robust regulatory framework and a smooth and orderly transition for firms and their customers.”

While about 8,000 firms and funds trade in Britain, the level of interest at this stage is seen as positive and expected to grow.

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