The Financial Conduct Authority (FCA) has published a direction stating that any EEA firm which currently carries on regulated activities in the UK under an EU passporting arrangement and wishes to carry on passporting into the UK after Brexit, must notify the FCA or the relevant regulator under the temporary permissions regime (TPR).
Once the TPR is in place, the FCA expects it to run for three years, within which time firms and investment funds will be required to obtain authorisation or recognition in the UK, if required.
Details of firms with temporary permission will be shown on the Financial Services Register. It will also be open to firms to cancel their temporary permission when they cease all UK business.
The FCA directs that a notification must:
- be made by submitting the Firm Temporary Permission Notification using the Connect system (https://connect.fca.org.uk);
- be made following any further instruction published in relation to the Firm Temporary Permission Notification form;
- contain the information required by that form; and
- be made during the period beginning at 9am on 7th January 2019 and ending with 28th March 2019.
Once this period has closed firms will not be able to use the TPR. Therefore, any firms contemplating using the TPR should begin preparations for making a notification via the Connect system.
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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.
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