The UK’s “no deal” Brexit planning: Temporary Permissions Regime for asset managers and funds
With the ultimate outcome of Brexit still uncertain, the UK FCA has pushed ahead with its “no deal” planning and has opened its Temporary Permissions Regime (“TPR”) notification window to EEA asset management firms and investment funds marketing in the UK.
The TPR will allow firms currently 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 authorisation, if the UK leaves the EU on “exit day” (11pm on 29 March 2019) without an implementation period in place. It will also allow certain funds to continue temporarily marketing in the UK on the basis of current European marketing passports and rights, with no need for a hiatus before they are able to comply with UK marketing regimes.
The FCA has advised that firms should not wait for confirmation of whether there will be an implementation period before they submit their notification, as firms and investment funds that have not submitted a notification will not be able to use the regime.