After the conference recess Theresa May updated the House of Commons on Brexit negotiations. I was able to ask her about the transition deal:

Stephen Kinnock: The Prime Minister’s commitment to a transition deal was a welcome reality check in this whole process, but the European Parliament resolution of 3 October states that a transition period can happen only on the basis of the existing EU regulatory, budgetary, supervisory, judiciary and enforcement instruments. Does the Prime Minister agree with the terms of that resolution?

The Prime Minister: That is the view of the European Parliament in its resolution. In my statement and my Florence speech, I put out that we expect that the implementation period will be based on the current rules and regulations, but of course this is part of the negotiation.