On the 7th of January 2019 the UK Financial Regulator – The Financial Conduct Authority (FCA) opened its notification window for the Temporary Permissions Regime (TPR) for inbound passporting EEA firms and funds.
If there is not an implementation period and the passporting regime falls away, when the UK leaves the EU, the TPR will provide a backstop to ensure that inbound firms can continue their UK business with minimal disruption.
TPR will allow inbound firms to continue operating in the UK within the scope of their current permissions for a limited period after exit day (29.03.2019), while seeking full UK authorisation. Notifications will need to be submitted between 7 January 2019 and 28 March 2019 (inclusive of both dates).
For further information or assistance with the notification to the FCA, please contact us.
Alternatively, we can also assist you with obtaining Investment Services license (STP or MM) granted by the Cyprus Securities and Exchange Commission (CySEC), which will give you free passporting rights in all 27 EU Member States, or with the establishment of a fund.