Brexit: Temporary Permissions Regime – notification window is open

Bovill

Following the FCA’s Consultation Paper on the Temporary Permissions Regime, the notification window for firms and funds that wish to opt in to the regime in the possible event of a No Deal Brexit is now open. This notification window will close on 28th March 2019. Notifications are being accepted via the FCA’s CONNECT system and no fee applies.

The Temporary Permissions Regime (TPR) will enable firms and funds which currently passport into the UK to continue to do so if the passporting regime falls away as a consequence of a hard Brexit. So, if you are an EEA Firm currently passporting into the UK, an EEA fund (UCITS or EEA AIF) currently marketing under a passport, or you manage such a fund and wish to continue doing so in the UK after Brexit, you must opt in to the TPR while you seek full FCA authorisation.

If there is a hard Brexit, you will not be able to carry out business under an EU passport in the UK unless you have notified the FCA of your intention to be included in the TPR.

The FCA is encouraging firms to submit notifications as soon as possible if they’re likely to rely on the TPR in a possible no deal Brexit.

We can help you to complete and submit your TPR notifications to the FCA. Get in touch to talk through your Brexit planning.

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