Brexit and financial services—the temporary permissions regime (TPR)
Brexit and financial services—the temporary permissions regime (TPR)

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Brexit and financial services—the temporary permissions regime (TPR)
  • Background and legislative framework
  • FCA policy development
  • BoE/PRA policy development
  • Which firms and funds can use the temporary permissions regimes?
  • Firms which can use the regime
  • Firms with MiFID II tied agents
  • Credit institutions and insurers
  • Gibraltar-based firms
  • Other firms which will not be able to use the TPR
  • More...

Brexit and financial services—the temporary permissions regime (TPR)

This 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 completion day). During the implementation period, the UK was treated, for most purposes, as if it were still an EU Member State with access to EU markets and, importantly, it maintained passporting and Treaty rights during that time.

As of IP completion day, the

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