Temporary permission regime deadline

Nov 10, 2022 12:09:27 PM

What has happened?

In its October 2022, regulation roundup, the FCA announced that EEA-based firms in the temporary permissions regime (TPR) that intend to seek full FCA authorisation or registration in the UK must submit their applications before the end of 31 December 2022. This applies whether the FCA has given them a ‘landing slot’ or not (All firms in the TPR that are expected to apply for full authorisation in the UK should have received a formal direction confirming their ‘landing slot’)

What are the key points?

The FCA expects that in 2023 the TPR should include only firms with long-term UK plans that have applied for full FCA authorisation or registration. Any firms that have not applied will be expected to voluntarily leave the TPR promptly, otherwise, the FCA may take enforcement action to remove them.

Firms with questions on FCA compliance should contact TPQueries@fca.org.uk or read more at https://www.fca.org.uk/brexit/temporary-permissions-regime-tpr/financial-services-contracts-regime

How can we help you?

If you’d like to know more about how we can help you with your TPR firm arrangements, FCA authorisation or registration, or any other FCA compliance issues, our specialist team is here to help.

Blog