Locke Lord QuickStudy: Brexit Update: FCA Directs EEA Firms Passporting into UK to Make Temporary Permissions Notification

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.

For more information on the matters discussed in this Locke Lord QuickStudy, please contact the authors.

Giedre Mitkute | +44 (0) 20 7861 9027 | Giedre.Mitkute@lockelord.com