The Financial Conduct Authority has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019.
TPR would allow EEA-based firms to continue new and regulated business in the UK for a limited period, while they are seeking full FCA authorisation. EEA investment funds holding a passport will be able to continue temporarily marketing in the UK. The FCA has extended the deadline for applying to the Trade Repository and Credit Ratings Agencies to the same date. For EEA payment services and e-money firms, the notification window for temporary permission will open again under the relevant HM Treasury Regulations on 31 July and end on 30 October.
The FCA has emphasised that the firms should continue preparing for various Brexit scenarios, including a no-deal Brexit. The UK regulators have been given powers to make transitional directions connected to changes in financial services legislation made under the EU (Withdrawal) Act 2018. The FCA intends to use these powers in order to ensure that firms can continue to comply with the regulations after Brexit.
Firms are expected to take reasonable steps to comply with their regulatory obligations in the areas that are not provided with transitional relief. The FCA will not take enforcement action against the firms that have taken reasonable steps to prepare to meet their obligations by exit day.
The FCA has published further information on how firms can be affected by Brexit and intends to continue providing important updates.
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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.