In preparation to a “no deal” Brexit and further to the Government’s announcements on the introduction of a temporary permission regime (TPR) in the event the passporting regime for firms falls away when the UK leaves the EU without an agreement on implementation (or transitional) period in March 2019, the FCA has published a direction  under regulation 14(2) of the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018.

The FCA directs EEA firms that are providing their services in the UK on the basis of passporting to notify the FCA if they wish to use TPR in order to obtain a deemed permission or variation. Notifications will have to be submitted using Temporary Permission Notification Form via the FCA’s Connect system. The window for submission of notifications is between 7 January 2019 and 28 March 2019 (inclusive of both dates). The FCA states that once the notification window has closed, firms that have not submitted a notification will not be able to use the TPR.

More information on the TPR and notifications is available on the FCA’s website here: https://www.fca.org.uk/brexit/temporary-permissions-regime

If you have any questions regarding the content of this e-mail and how it affects you, do not hesitate to contact Siobhan Moore or Giedre Mitkute.