Temporary Permissions Regime & The Brexit Deadline

We would like to kindly remind you that from 7 January 2019 to 28 March 2019, the Financial Conduct Authority ("FCA") online system 'Connect' is open for EEA-based firms and fund managers of EEA-domiciled investment funds (UCITS and AIF) currently passported into the UK to notify the FCA about their intention to participate in the temporary permissions regime ("TPR").

Two (2) separate forms are being made available by the FCA under the TPR depending on the services or funds passported in the UK. Prior to applying for the TPR, it is of the essence to verify in a first step the information currently available in the FCA's database thus enabling you to contact the FCA to update it should it not be accurate. In a second step, you may then proceed with the relevant TPR application.

Indeed, in case of a "no deal" Brexit, the TPR allows EEA-based firms currently passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation. It also allows EEA-domiciled investment funds that market in the UK under a passport to continue temporarily marketing in the UK...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT