The FCA will grant firms who have signed up to the contingency plan a grace period to seek authorization post-Brexit.
At the fourth United Kingdom Financial Sevices Brexit Summit, Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority (FCA) revealed that more than 1,000 European Union (EU) firms and fund managers have entered the Temporary Permissions Regime.
The more than 1,000 firms and fund managers represent many more thousands of funds, Delfas stated, with the deadline for notifications to be submitted just one week away on the 28th of March, 2019.
As Finance Magnates previously reported should a so-called “hard Brexit” occur, that is, the United Kingdom exits the EU without a grace period in place, the temporary permissions regime allows firms within the European Economic Area (EEA) that are currently passporting in the UK to continue to do so for a limited period while they seek full FCA authorization.
Passporting is when an EEA-registered firm exercises its right to do business in other EEA countries without needing further authorization in each country. This has allowed UK brokerages and other financial institutions to operate within the EU and vice versa without needing additional authorizations.
Once the notification window closes, the British regulator will let the relevant firms know when they will need to submit their application for authorization, otherwise referred to as their “landing slots.”
“We will ensure that firms and funds have enough time to prepare their applications. We expect the first landing slots to be October to December 2019 and the last to be January to March 2021,” Delfas said.
No Such Deal for UK Firms in EU, FCA Warns
It is important to note that there is not a similar deal set up for UK firms who passport into the EU, however, there are some arrangements in place in Germany, Spain, France, Ireland, Italy, Luxembourg, and the Netherlands.
As the European Securities and Markets Authority (ESMA) has previously highlighted, if financial institutions want to continue to operate within the EU following Brexit, then they will need to have separate operations in the union and the relevant financial license.
Today, the FCA also spoke about its other preparations for Brexit, residual risks and what its outlook is post-Brexit. You can read the full speech by Delfas here.
At the fourth United Kingdom Financial Sevices Brexit Summit, Nausicaa Delfas, Executive Director of International at the Financial Conduct Authority (FCA) revealed that more than 1,000 European Union (EU) firms and fund managers have entered the Temporary Permissions Regime.
The more than 1,000 firms and fund managers represent many more thousands of funds, Delfas stated, with the deadline for notifications to be submitted just one week away on the 28th of March, 2019.
As Finance Magnates previously reported should a so-called “hard Brexit” occur, that is, the United Kingdom exits the EU without a grace period in place, the temporary permissions regime allows firms within the European Economic Area (EEA) that are currently passporting in the UK to continue to do so for a limited period while they seek full FCA authorization.
Passporting is when an EEA-registered firm exercises its right to do business in other EEA countries without needing further authorization in each country. This has allowed UK brokerages and other financial institutions to operate within the EU and vice versa without needing additional authorizations.
Once the notification window closes, the British regulator will let the relevant firms know when they will need to submit their application for authorization, otherwise referred to as their “landing slots.”
“We will ensure that firms and funds have enough time to prepare their applications. We expect the first landing slots to be October to December 2019 and the last to be January to March 2021,” Delfas said.
No Such Deal for UK Firms in EU, FCA Warns
It is important to note that there is not a similar deal set up for UK firms who passport into the EU, however, there are some arrangements in place in Germany, Spain, France, Ireland, Italy, Luxembourg, and the Netherlands.
As the European Securities and Markets Authority (ESMA) has previously highlighted, if financial institutions want to continue to operate within the EU following Brexit, then they will need to have separate operations in the union and the relevant financial license.
Today, the FCA also spoke about its other preparations for Brexit, residual risks and what its outlook is post-Brexit. You can read the full speech by Delfas here.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!