FCA Opens Notification Window for Passported EU Firms and Funds under No-Deal Brexit Temporary Permissions Regime  

The FCA has announced that the notification window for passported EU ex-UK firms and funds wishing to enter the Brexit Temporary Permissions Regime (TPR) is now open.  

These provide temporary permissions for passported firms and temporary marketing permissions regime for passported funds that enable such funds to be marketed in the UK on the same terms and under the same conditions as existed before exit day for a limited period.  Notifications must be made by the end of 28 March, by submitting the temporary permission notification form using the Connect system. The TPR will come into force when the UK leaves the EU, if there is no transition period.

There is also a guide for inbound passporting EEA firms wishing to notify the FCA that they want to join the regime, and a notification form for MiFID tied agents, etc.

Read: Press release 

Read: FCA webpage regarding the TPR

Read: Guide to the temporary permission regime for inbound passporting EEA firms

The FCA has also published the directions it has given to EEA fund operators to notify it if they intend to operate under the TPR.   

Read: FCA Direction to collective investment schemes 

Read: FCA Direction to Alternative Investment Fund Managers 

After 28 March 2019, firms that have not submitted a notification will not be able to use the TPR.

FCA Warns on Misleading Financial Promotions that Imply Unregulated Activities are Regulated

The FCA published a letter that it issued to CEOs to remind regulated firms of their responsibilities regarding the use of financial promotions.

The FCA has recently become aware of firms issuing financial promotions which suggest or imply that all of their activities are regulated by the FCA and/or PRA, when this is not so. 

Jonathan Davidson, FCA Executive Director of Supervision – Retail and Authorisations, said that it is completely unacceptable for firms to market unregulated investments by implying to customers that all of their business is regulated.  Firms’ senior managers and boards are reminded of what constitutes fair, clear and unambiguous financial promotions. The FCA is committed to stamping out this misleading practice and encourages all firms to read and reflect on the letter to ensure they understand the rules relating to financial promotions.

Read: Dear CEO letter

FCA Changes AIFMD Forms for Small Third Country AIFM Notifications and Material Changes

The FCA has made changes to the submission of national private placement regime (NPPR) notifications. Since 28 January 2019 the Small Third Country notifications and material changes Excel forms have been replaced by Connect, the FCA online system.  

Read: FCA NPPR