On 24 May 2019, in light of the further delay to the UK’s withdrawal from the EU, the FCA confirmed that:
- notifications to enter the UK’s Temporary Permissions Regime by applicable firms and funds must now be made by no later than the end of 30 October 2019, and
- a fund manager wishing to update a notification as a result of this extension should email email@example.com by no later than the end of 16 October 2019 to confirm this, including its FRN.
Following the UK Government’s agreement with the European Council on 11 April 2019 to delay to the date of the UK’s departure from the EU to no later than 31 October 2019, the FCA has updated its TPR webpage to note:
- it will extend the notification window for the TPR until the end of 30 October 2019, and
- if a fund manager wishes to update its notification as a result of the extension, it should email firstname.lastname@example.org by no later than the end of 16 October 2019 to confirm this. It should also include its FRN in its communication.
The original deadline by which firms and funds who wish to enter into the UK’s temporary permissions regime (TPR) must notify the FCA was 28 March 2019. This was subsequently changed to 11 April 2019, then to 30 May 2019 and has now been further extended to 30 October 2019.
In light of the uncertainty over the exact date on which the UK will leave the EU, the FCA notes that it will keep the situation under review and communicate any further changes to its deadline as appropriate.
For further information about the TPR, see our elexica articles:
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.