Having received industry feedback based on a Consultation Paper on the temporary permissions regime for inbound firms and funds, the FCA is now expected to launch the regime in January 2019.
In a hard Brexit scenario, passporting arrangements for firms and investment funds between the EU and the UK, which previously allowed for reciprocal market access, would no longer be available.
The Temporary Permissions Regime ('TPR') intends to reduce the risks and disruption that would potentially occur if there were an abrupt loss of passporting, and expects to allow firms and funds to continue to retain their contractual rights, fulfil their obligations and manage existing business. It is expected that the TPR would allow relevant EEA-domiciled investment funds to continue to be marketed in the UK to new and existing investors.
For more information, download a copy of the latest TPR Flyer here.