UNITED KINGDOM: Temporary Permissions Regime for Inbound Passporting EEA firms and Funds

Friday July 3 2020

On 1^st July 2020, the Financial Conduct Authority (FCA) updated the page regarding the temporary permissions regime (TPR) which will enable relevant firms and funds which passport into the UK to continue operating in the UK when the passporting regime falls away at the end of the transition period.

The UK left the EU on 31 January 2020 and entered a transition period. During the transition period, EU law will continue to apply in the UK and passporting will continue.

The TPR will now take effect at the end of the transition period.

The window for firms and fund managers to notify us that they want to use the TPR is currently closed. Firms and fund managers that have already submitted a notification need take no further action at this stage.

The FCA will re-open the notification window on 30 September 2020. This will allow firms and fund managers that have not yet notified to do so before the end of the transition period. There will also be an opportunity for fund managers to update their previously submitted notifications, if necessary.

The FCA will communicate further on this in September.

Click on the link for further information.