FCA Issues Consultation on Temporary Permissions Regime for EEA Firms Following Brexit
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- As part of its preparation for a possible “cliff-edge” Brexit in March 2019, the UK Financial Conduct Authority recently published a consultation paper on proposed rules for its “temporary permissions regime”. The regime is designed to provide continuity for firms in the European Economic Area (“EEA”) that currently use their home state “passport” to cover the activities of a UK branch and the provision of services on a “cross-border” basis into the UK
- Firms can take advantage of the regime by notifying the FCA between January 2019 and the UK’s date of exit from the European Union on 29 March 2019.
- Firms can also use the regime to continue marketing EEA funds on a passport basis in the UK.