The FCA has reopened the notifications window for its temporary permissions regime (TPR).
The TPR takes effect when the Brexit transition period ends after 31 December 2020. It has been established to help firms and investment funds continue their UK business with minimal disruption when the EEA passporting regime ends at the end of the transition period. The TPR allows:
- inbound EEA firms to continue operating in the UK within the scope of their current permissions for a limited period after the end of the transition period while seeking full UK authorisation (if required), and covers both pre-existing business and any new business entered into during the TPR; and
- fund managers to continue marketing funds in the UK while seeking UK recognition (for UCITS funds) or notification under the UK’s national private placement regime (for AIFs).
EEA firms and fund managers wishing to use the TPR should notify the FCA by the end of 30 December 2020. EEA firms that have already submitted a notification need take no further action. Fund managers who previously notified may wish to add any new funds they’ve established to their notification. They must email the FCA by the end of 9 December 2020 of their intention to update their original notification, and will then have from 14 to the end of 30 December 2020 to update their notification with the new funds.
Firms may wish to review the FCA’s TPR notifications guide for EEA firms or TPR notifications guide for fund managers for guidance on the notification procedure.