On May 24, the UK Financial Conduct Authority (FCA) published a press release confirming that it is extending the deadline for notifications for the temporary permissions regime (TPR) to October 30.
TPR would allow European Economic Area-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorization. The TPR will go into effect upon Brexit taking effect, if there is no transition period. The TPR deadline had previously been extended from April 11 to May 30 (as reported in the April 19 edition of the Corporate & Financial Weekly Digest).
The FCA’s TPR webpage has also been updated to confirm details of the extension.
The FCA reminds firms that it has published information on areas where transitional relief is not being provided and advises that firms should use the additional time to prepare for these obligations. If firms are not ready to meet these obligations in full, the FCA will expect to see evidence about why this was not possible.
The FCA’s press release is available here.
The FCA’s TPR webpage is available here.