The FCA has confirmed that it will accept substituted compliance if you can demonstrate that you continue to comply with equivalent Home State rules for your UK business but has left it for firms to determine how they will evidence where and how they are relying on substituted compliance. This Brexit Substituted Compliance inventory is an Excel spreadsheet which enables you to document how you are able to rely on substituted compliance after the transitional period.
The inventory covers all in force Level 1 Directive texts, for example MiFID 2 and AIFMD. You get a link to the original text in EUR-lex and details of when the legislation came into force and the UK implementing acts. It is set up for you to carry out your substituted compliance analysis so that you have the evidence to demonstrate you continue to comply with Home State requirements and therefore do not need to follow FCA Handbook.
To support those working at a more detailed level on their Brexit programmes the inventory records the UK implementation of each directive or Regulation. That UK implementation includes primary legislation as well as secondary i.e. Statutory Instruments, in some cases the FSA\ FCA\ PRA implementation is included. Please contact us if you are interested in the spreadsheet being expanded to cover mapping to FSA\ FCA\ PRA implementation.
The inventory is completely customisable, free of any macro's or coding, so it you really can just download and start mapping.