The 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. Click here and here for our updates on the temporary permissions regime.
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.
How are notifications to be made?
The FCA directs that a notification must:
• be made by submitting the Firm Temporary Permission Notification using the Connect system;
• 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 7 January 2019 and ending with 28 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.
If you have any queries regarding temporary permissions notifications or would like more information get in touch with Karen Fountain or your usual Brodies contact.
On December 12, 2018