In the latest Newgate Insight, Matthew Hazell (Director) and Jay Pyne (Consultant) discuss the FCA’s Temporary Permissions Regime (TPR), and what firms should do to prepare for Brexit.
The FCA Connect system is now live to be able to accept notifications from firms wishing to enter the TPR. The notification window ends on the 28 March 2019.
The TPR will allow 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, if the UK leaves the EU on exit day without an implementation period in place. It will also allow EEA-domiciled investment funds that market in the UK under a passport to continue temporarily marketing in the UK.
Mr. Hazell encourages “firms to not wait to see if there will be an implementation period concerning Brexit before this notification is submitted and firms will not be able to use the TPR without undertaking this notification process”.
If your firm is the designated investment manager of EEA-domiciled investment fund(s) that market in the UK under a passport, to be able to continue temporarily marketing in the UK post BREXIT the TPR will need to be utilised.
You would need to carry out the following steps:
The FCA will host two events for firms on its Brexit plans. The FCA will provide an update on its Brexit preparations and its panel will answer your questions. The events are:
Register your interest here.
Firms should check the FCA’s dedicated Brexit web page regularly for updates and developments: https://www.fca.org.uk/brexit
Newgate can assist with your FCA Connect application process and provide ongoing regulatory support on your firm’s post-Brexit plans. Contact us for further information.