The UK Financial Conduct Authority has launched a short online survey seeking information from European Economic Area firms currently operating in the UK under a passport. The information obtained will identify those firms for which a “temporary permission” may be relevant following the UK’s withdrawal from the European Union. The possibility of a “temporary permission regime” was raised by HM Treasury in December 2017 as a means by which firms previously operating under a passport would be able to enter into new business and fulfil existing contracts with UK customers for a period of time after exit day, while seeking full authorization in the UK. HM Treasury has not yet prepared legislation relating to the temporary permissions regime, and EU-UK negotiations are in any event ongoing, however the FCA believes that it is likely that firms operating under a passport would need to inform it of their intention to operate under the temporary regime via a straightforward notification process in advance of the UK’s withdrawal.
The survey should be completed by any firm that passports into the UK (either via a branch or on a cross-border services basis) or that markets funds in the UK. Dual-regulated firms will need to follow the regime set out by the Prudential Regulation Authority. The FCA seeks responses to the survey by May 11, 2018.
View the FCA survey.
View details of UK Government's and regulators' approaches for Brexit.
