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FCA Extends Notifications Deadline for Temporary Permission Regime to May 30

On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the deadline for firms to notify the FCA if they wish to enter the TPR from April 11, to May 30. The TPR will go into effect upon Brexit taking effect, if there is no transition period (as reported in the January 11, 2019 edition of the Corporate & Financial Weekly Digest).

The five amended directions apply to:

  1. EEA firms with passporting rights and Treaty firms;

  2. EEA UCITS and EEA alternative investment funds (AIFs); and

  3. EEA authorized payment institutions, EEA registered account information service providers and EEA authorized electronic money institutions.

The FCA has updated its TPR webpage for inbound passporting EEA firms and funds in order to reflect the notification window extension. The webpage states that any fund managers that wish to update their notification because of the extended deadline, should send an email, with their firm’s reference number, to the FCA by the end of May 16.

The FCA also updated its guide for fund managers on how to notify the FCA of the full list of inbound passporting EEA investment funds they wish to continue marketing in the United Kingdom following Brexit.

The FCA’s updated webpage is available here and its updated guide is available here.

The FCA’s amended directions for:

  1. EEA firms with passporting rights and Treaty firms is available here;

  2. EEA UCITS funds is available here;

  3. EEA AIFs is available here;

  4. EEA authorized payment institutions and EEA registered account information service providers is available here; and

  5. EEA authorized electronic money institutions is available here.

©2019 Katten Muchin Rosenman LLP

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John Ahern, Financial Attorney, London, Katten Law Firm
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John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
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Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
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Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil Robson, private equity fund managers counselor, Katten Law Firm, London
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Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

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