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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.

©2018 Katten Muchin Rosenman LLP

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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

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...

+44 0 20 7776 7625
John Ahern, Financial Attorney, London, Katten Law Firm
Partner

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 dematerialized. John counsels asset managers and investment advisors on the regulation of alternative funds in Europe. He has a particular focus on regulatory capital, and advises a number of banks and other authorized firms on the requirements and implications of the prudential regime.

He specializes in financial institutions and financial law. He is a member of the Law Society of Ireland, and is admitted to the Bar Associations in England and Wales. 

+44 (0) 20 7770 5253
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

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...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

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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