Selected regulatory updates of interest to the funds and asset management sector. This update reports on a UK FCA update on the temporary marketing permissions regime.
The UK Financial Conduct Authority (FCA) has published a new webpage on adding a new sub-fund to an umbrella scheme that will be in the temporary marketing permissions regime (TMPR). To use the TMPR, a sub-fund must satisfy the following conditions specified in regulation 63(3) of the Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019 (SI 2019/325) (the CIS Regulations):
The FCA plans to give a direction on 31 December 2020, under regulation 64 of the CIS Regulations, setting out the information required to make a valid notification of a new sub-fund.
Before the TMPR takes effect, the FCA has published a draft direction and a draft notification letter for reference. These documents are subject to change and for information purposes only.
The new regime applies to sub-funds authorised on or after 31 December 2020. Sub-funds authorised by their relevant home state regulator before this date must be included in a fund manager's TMPR notification.
The FCA has also updated its webpage on the types of firms and investment funds that can use the TPR, and its webpage on the notification process for funds, to reflect this development.