On 25 March 2019, FCA updated its temporary permissions regime (TPR) webpage to announce an extension to the notification window for firms and funds wishing to enter into the TPR until the end of 11 April 2019. This extension to the original 28 March 2019 deadline for firms and funds who wish to enter the TPR regime comes in light of the European Council and UK Government’s agreement to a short extension of the Article 50 process. On 26 March 2019, the PRA similarly updated its webpage on the TPR.
The FCA and PRA have not yet published directions giving effect to the extension, but expect to publish them in due course.
The FCA has also updated its TPR webpage with details on withdrawing a notification to enter the TPR. Three supplementary directions have been published (each dated 22 March 2019), for:
- firms which have passports under Schedule 3 to FSMA or Treaty firms under Schedule 4 to FSMA with or without a top-up permission;
- EEA authorised payment institutions and EEA registered account information service providers which before exit day are entitled to offer payment services in the UK in the exercise of a passport right; and
- EEA authorised electronic money institutions which before exit day are entitled to offer electronic money issuance, redemption, distribution or payment services in the UK in the exercise of a passport right.
Fund managers should note that a temporary permission notification on behalf of their firm will not cover any passports they have for the purposes of marketing funds in the UK. Fund managers should submit a separate fund notification form informing the FCA which of their stock of passported funds they wish to continue to market in the UK temporarily after exit, if appropriate.