Brexit and financial services—the temporary permissions regime (TPR)
Published by a LexisNexis Financial Services expert
Practice notesBrexit and financial services—the temporary permissions regime (TPR)
Published by a LexisNexis Financial Services expert
Practice notesThis Practice Note considers the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)/Bank of England (BoE) temporary permissions regime (TPR) and temporary marketing permissions regime (TMPR), which came into force at the end of the implementation period following the UK’s withdrawal from the EU. The TPR and TMPR allow European Economic Area (EEA) passporting firms and funds to continue to operate in the UK for a limited period of time after the end of the implementation period, to give them time to apply for full UK authorisation or recognition.
The European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), made provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement set out the arrangements for the UK’s withdrawal from the EU. It included a transition period (or, to use the UK government’s phraseology, an ‘implementation period’), which began on 31 January 2020 (exit day) and ended on 31 December 2020 (IP
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Brexit definition
What does Brexit mean?
means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;
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