Brexit: FCA Reminder of December 30 Deadline To Avail Oneself of a Temporary Marketing Permission

Foley & Lardner LLPAs the UK approaches a “no deal” exit from the EU, the FCA has issued to the Luxembourg CSSF (and thus to all of us) a reminder that the window of time to access the UK’s temporary regime to market alternative investment funds in the UK post-Brexit under a marketing passport equivalent is still open, but not for long: the deadline for accessing the “temporary marketing permissions regime” is December 30.

Currently, AIFMD passports apply in the UK, Brexit notwithstanding, until December 31, 2020, when the so called “Brexit transition period” comes to an end, and with it, an end to passporting as we have known it for Luxembourg and Irish Funds marketed in the UK.  Starting January 1, 2021, it is possible to continue marketing a passported alternative investment fund, if you file for a temporary marketing permission (TMPR). 

The following fund types can access the TMPR (if they have filed for permission by the deadline):

  • EEA-domiciled UCITS and any notified sub-funds (and EEA sub-funds of umbrella structures authorized post-exit)
  • UK and EEA-domiciled AIFs managed by an EEA authorized manager (AIFM)

The FCA has the authority to extend the TMPR from year to year, and it might prove that EEA umbrella structures have the opportunity to secure an indefinite marketing permission in the time remaining.  See the CSSF press release here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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