On 7 January 2019, the FCA updated its webpage on the temporary authorisation regime for data reporting service providers (DRSPs). In the event of a no deal Brexit scenario, the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 enables MiFID authorised DRSPs in the temporary authorisation regime to provide data reporting services in the UK for up to a year from exit day.
The updated FCA webpage inserts more substantive detail on the notification process for temporary authorisation. Crucially, the webpage notes:
- DRSPs may submit a complete application for full authorisation (or for verification) in the UK, or, submit the FCA’s deemed authorisation notification form;
- DRSPs must notify the FCA by 15 February 2019; and
- in submitting applications, the FCA expects DRSPs to follow the requirements of the DRS Regulations and relevant provisions of the FCA Handbook.