The temporary marketing permissions regime (the TMPR) is now being used by many EEA-domiciled UCITS that, pre-Brexit, relied on a UCITS passport in order to market to retail investors into the UK.
The FCA's deadline to notify funds under the TMPR was 30 December 2020 and therefore no further umbrellas can make use of the regime.
The FCA has recently updated its website to set out how changes to UCITS making use of the TMPR should be notified to the FCA. The process is broadly the same as that previously in place under UCITS passporting.
- New sub-funds – a new “notification letter” should be completed and provided to the FCA, together with supporting documents. Marketing to retail investors can commence following the tenth working day from submission.
- Material changes (such as change of name or change of operator) – a new form TMPR CH should be completed and provided to the FCA, together with a revised prospectus and KIIDs. Changes take effect immediately but the FCA has one month to update its register.
- Minor changes (such as new share classes) – updated prospectus and KIIDs should be emailed to the FCA. Changes take effect immediately.
At the end of the TMPR, fund managers are expected to seek continued recognition of their UCITS in the UK via a new overseas funds regime (the OFR). The Financial Services Bill, which will legislate for the creation of the OFR, is currently in the latter stages of the parliamentary legislative process.