FCA Extends Window for Applying to Temporary Permissions Regime

Following April’s agreement with EU leaders to offer the UK an extension on article 50 for additional five months, the FCA is also extending the deadline for financial services firms and investment funds to register for its Temporary Permissions Regime (TPR) until October 30.

The City watchdog also states that fund managers that wish to update their notification should email the Financial Conduct Authority with their firm’s reference number.

The Temporary Permissions Regime (TPR) aims to mitigate potential risks of a ‘no-deal Brexit,’ where the passporting regime falls away abruptly. This scenario means that there will not be a transition period in place when the UK withdraws from the EU, i.e., the UK will become a ‘third-country’ in relation to the bloc.

In this case, the TPR will come into force on exit day for a maximum of three years within which the EEA financial services firms operating in the UK, and fund managers Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term passported funds, will be required to obtain authorization in the UK.

How the temporary permissions regime will work

EEA firms that currently access the UK market through passporting licenses can do so by notifying the FCA of their wish to enter the temporary regime to continue their regulated activities within the scope of their current permissions. After that, they will need then apply for a full authorization during the TPR period.

Commenting on this, Nausicaa Delfas, FCA’s executive director of international, said: “The FCA continues to plan for all Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term scenarios, which includes a no-deal Brexit. Extending the deadline for firms to notify the FCA they want to enter the TPR is part of this ongoing work. It is important that firms also continue to plan for all scenarios, including the possibility of a no-deal Brexit at the end of October 2019.”

She added: “As more information emerges about what Brexit will mean for financial services, firms need to make sure they understand the implications and plan accordingly. If firms are unsure of our expectations or what they need to do, they should visit our Brexit pages on the FCA website.”