FCA confirms October TPR deadline

The FCA has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30th October 2019. TPR would allow EEA-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 authorisation. It will also allow EEA-domiciled investment funds that market in the UK under a passport to continue temporarily marketing in the UK.

The deadline for applying to the Trade Repository and Credit Ratings Agencies has also been extended to the same date. For EEA payment services and e-money firms, the notification window for temporary permission is closed, but it will open again under the relevant HM Treasury Regulations on 31 July and end on 30 October.

Executive director of international at the Financial Conduct Authority, Nausicaa Delfas, said:
the watchdog continues to plan for all Brexit scenarios, which includes a no-deal Brexit.

"Extending the deadline for firms to notify the FCA they want to enter the TPR is part of this ongoing work. It is important that firms also continue to plan for all scenarios, including the possibility of a no-deal Brexit at the end of October 2019," she said. “As more information emerges about what Brexit will mean for financial services, firms need to make sure they understand the implications and plan accordingly. If firms are unsure of our expectations or what they need to do, they should visit our Brexit pages on the FCA website.”

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