The regulator says it is “aware that leaving the EU during the working week could pose operational challenges for firms”.
It says firms should take “reasonable steps” to be prepared to comply with post-exit MiFID transaction reporting and EMIR trade reporting requirements.
The FCA says it will take “a proportionate and pragmatic approach” to supervising reporting around exit day.
Alongside this, if the UK leaves the EU without a deal, passporting will end, the regulator said.
Any EEA passporting firm wishing to continue operating in the UK will need to notify the FCA by 30 October that they wish to enter the Temporary Permissions Regime.
Fund managers have until 16 October to inform the FCA if they want to make changes to their existing notification.
After exit, firms which have notified the FCA of their intention to use the TPR will be contacted and provided with a ‘landing slot’ when they will need to submit their application for full UK authorisation.
Nausicaa Delfas, executive director for International at the FCA, said: “We have been preparing to ensure UK financial services are well placed if the UK leaves without a deal.
“We have set out steps certain firms need to take – it is important that firms are as prepared as possible if there is a no-deal exit, and that they are aware of what they need to do.”
On MiFID transaction reporting, which is a crucial part of the FCA’s approach to market oversight, firms that are not able to comply fully with the regime at the time of the UK’s withdrawal from the EU will need to be able to back-report missing, incomplete or inaccurate transactions.
This should be competed as soon as possible after 31 October 2019.
On EMIR reporting, FCA-registered trade repositories should be ready to receive reports from UK reporting counterparties and be in a position to share these with UK authorities.
FCA-registered trade repositories must ensure the migration of outstanding trades and historic EMIR data, and that the details of any trades newly concluded, terminated or modified by UK reporting counterparties on 1, 2, and 3 November 2019, are embedded in their systems.
These need to be available for UK authorities by 4 November.
UK reporting counterparties should ensure details of derivative transactions that are concluded, terminated and/or modified on 30 and 31 October, which cannot be reported before the point of exit, are reported to an FCA-registered TR by no later than 4 November.