UK temporary permissions regime – Information for your firm (FSMA-R)
In this blog we would like to notify you about the new publication of the Financial Conduct Authority (the "FCA") as far as the UK's Temporary Permissions Regime is concerned.
The Temporary Permissions Regime & The Financial Services and Markets Act 2000
Following the above said publication, Investment Firms (the "IFs") that have notified the FCA and passported in the UK, are now in the UK's Temporary Permissions Regime (the "TPR"). Being in the TPR brings with it obligations, including, but not limited to, being subject to the full range of powers given to the FCA under the Financial Services and Markets Act 2000 (the "FSMA"). More Information about being regulated by the FCA may be found here. Information Requests The FCA stated that it will be sending to the IFs, at least three Information Requests in the near future:
The Financial Resilience Survey;
The TPR attestation; and
Information to calculate periodic fees.
More information regarding the Information Requests, can be found here. Annual Fees and Levies IFs within the TPR will also be required to pay annual fees and levies that the FCA collects on behalf of other bodies in the UK. Further details are included in Chapter 7 of the Consultation Paper CP 18/29 and Chapter 7 of the FCA's Policy Statement PS19/5. Landing Slots or Supervised Run-Offs The FCA will allocate to the IFs a period of time (referred to as the "landing slot"), during which they can apply for full authorisation in the UK. However, in the case where an IF does not submit its application during its landing slot, the FCA will propose to move the IF into the supervised run-off mechanism (the "SRO"), within the Financial Services Contracts Regime (the "FSCR") where it will be expected to "run-off" its existing UK business, the quickest.
If you have questions do not hesitate to contact us.
Written by Angeliki Georgiou, Independent Legal Consultant