FCA Flowchart for Contract Continuity and Temporary Permissions Regimes, extension to notification period
In recent Blogs we described the arrangements that will apply to EEA Firms with branches or operations in the UK in a scenario where exit takes place from the EU with no agreed withdrawal arrangements in place and so no mutual implementation / transition period (a “no-deal Brexit”). These arrangements include:
- the Financial Services Contracts Regime (“FSCR”). This regime is designed to allow such firms to fulfil their existing contractual obligations in the UK in the event of a no-deal Brexit. (Click here for our report on the FSCR) and
- a Temporary Permissions Regime (“TPR”). This regime allows firms to continue to (i) operate in the UK for a period whilst they apply for authorisation and (ii) continue to market funds already in the marketing phase. (Click here and here for our updates on the TPR and here for guidance on the TPR application process).
FCA has now produced a helpful Flowchart to assist firms in working through the available options for them under these regimes. FCA has also extended the notification window for the TPR until the end of 11 April 2019 (previously set to 28 March) in light of the recent extension to the Brexit process.