FCA Launches Survey of Firms that Passport Into the UK
On March 9, the UK Financial Conduct Authority (FCA) launched a short online survey for firms providing cross-border services into the UK from other European Union/European Economic Area (EEA) jurisdictions (“passporting”), or marketing funds in the UK.
The survey follows the UK government’s December 2017 announcement that, if necessary, it will legislate to provide a temporary licensing/authorization regime for firms in the EEA and funds passporting into the UK (for more information please see the Corporate & Financial Weekly Digest edition of January 5, 2018).
The FCA anticipates that firms and funds that would be solo-regulated in the UK by the FCA would notify it of their desire to benefit from the temporary regime before the UK’s departure from the EU (Brexit); HM Treasury would legislate to set up the temporary scheme.
The information collected as part of the survey is intended to inform future FCA communications and help to identify firms for which a temporary permission may be relevant. Questions include asking for contact details, the relevant EU directives under which firms are passporting, and firms’ intentions in relation to UK market access following Brexit. The survey is scheduled to close on May 11.
The FCA’s survey is available here.