FCA Opens Notification Window for Temporary Permissions Regime for EEA Firms

15 January 2019
View Debevoise Update
Key takeaways:
  • The UK regulator, the FCA, recently announced the opening of the notification window for firms based in the European Economic Area (EEA) wishing to enter its proposed temporary permissions regime (TPR).
  • The TPR will come into effect in the event of a “hard Brexit” and will operate from the day after the UK leaves the EU.
  • EEA firms that are marketing or managing funds in the UK, and those with UK branches, will be able to continue to operate with minimal disruption after a hard Brexit if they enter the TPR.
  • Firms can make their notification between now and 28 March, but it will not be possible to enter the regime after that date unless a notification has been made.