U.K. firms will have 15 months from the end of the Brexit transition period to get ready for new domestic regulations, according to the Financial Conduct Authority. The regulator announced that it will use temporary transition power to allow firms to continue to comply with many existing EU requirements until March 31, 2022, giving them time to prepare to meet new U.K. regulatory obligations, according to a report in UK Finance.

The FCA also said, however, that in certain "key areas", including transaction reporting, share issuance and credit ratings, firms will be required to meet U.K. rules by Dec. 31, 2020.

"Clear guidance is vital for firms to better understand their requirements and obligations from Jan. 1, 2021," Conor Lawlor, U.K. finance director, Brexit; capital markets & wholesale said in the report. "Today's update from the FCA sets out how these rules will apply at the end of the transition period. The regulator also acknowledges the scale, complexity and magnitude of some of the changes in relation to key requirements, reiterating its intention to act proportionately towards firms."