31 January 2020

It is now confirmed that on 31 January 2020 at 11pm the UK will leave the EU and enter an implementation period, which is due to last until 31 December 2020. During the implementation period, EU law will continue to apply and firms and funds will continue to benefit from passporting between the UK and EEA.

The windows for EEA firms to notify the FCA that they want to use the Temporary Permissions Regime (TPR), or for fund managers to notify the FCA of any funds they want to continue to market in the UK under the Temporary Marketing Permissions Regime (TMPR), have now closed (30 January). The FCA has confirmed that firms and fund managers that have already submitted a notification need take no further action at this stage.

The FCA will confirm its plans for reopening the notification window later this year, which will allow additional notifications to be made by firms and fund managers before the end of the implementation period.

This article was written by Anna Davis.

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