The FCA laid out a procedure in relation to a potential no-deal Brexit for inbound passporting EEA firms and funds to apply for a temporary permission regime in the UK (the “Temporary Permission Regime”).
The consequence of a non-deal Brexit scenario would terminate the current passporting regime and therefore, make the distribution of EU/EEA UCITS and AIF no longer possible in the UK from the Brexit date, as well as the provision of cross-border services by EU/EEA firms in the UK.
This Temporary Permission Regime would be in place in the event of no-deal Brexit and shall allow inbound passporting EEA firms and funds to continue their activities in the UK from 29 March 2019 onward.
Inbound passporting EU/EEA firms and funds are required, between 7 January and 28 March, to register online and request to receive a temporary permission to continue their activities in the UK.
This procedure installs the Temporary Permission Regime to allow continuing inbound operations in the UK – as is now – after the Brexit and before a final regime will be in force.
We recommend to check your passport on the FS Register and inform the FCA of any changes via applicable notices. We also recommand to check which funds actively marketing in the UK on the Register and inform FCA as soon as possible of any changes. If any information is not on the Register, please contact the FCA.
In addition, the FCA launched two online consultations regarding changes to apply to the FCA handbooks and related procedures and standards.
The online surveys and consultation must be completed before December the 7th.
The full FCA approach may be optained on the following link: https://www.fca.org.uk/brexit/temporary-permissions-regime
FundGlobam warned its clients early in November about this FCA’s Temporary Permission Regime.
Feel free to contact us should you require any additional information via your representative, account manager, by email at info@fundglobam.com or through the contact form on this website.