Regulatory Alerts2018-10-05
Added · Updated
CP18/29: Temporary permissions regime for inbound firms and funds
The Financial Conduct Authority proposes a temporary permissions regime (TPR) to allow EEA-based firms and Treaty firms, as well as managers of EEA-domiciled investment funds, to continue their UK activities for a limited period after Brexit without immediate new authorisation. The regime applies to EEA firms passporting into the UK under FSMA, EEA electronic money institutions, payment institutions, registered account information service providers, and managers of UCITS and AIFs marketing funds in the UK. The Authority is consulting on the rules that will apply to these temporary permission firms, including how the regime will be funded and how existing Handbook rules will be adapted to maintain the status quo for consumer protection and market integrity.
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