Reminder - UK Temporary Permission Regime
Following the publication of the Circular C412, the Cyprus Securities and Exchange Commission (‘the CySEC’) wishes therein, to draw the attention of the Regulated Entities on the re-opening of the notification window, on the 30th of September 2020, for entering the UK FCA’s Temporary Permission Regime (‘the TPR’).
The TPR will be brought in to effect at the end of the transitional period, 31st of
December 2020, and all relevant notifications should be submitted before the end of the 30th of December 2020.
Practically, the EEA firms that have submitted notification regarding their intentions to enter the TPR, having met the conditions to enter and remain, will be allowed to continue their UK business within the scope of their current permissions for a limited time, until the 31st of December 2020. Those EEA firms shall be on hold to be called by the FCA to submit their applications for full UK authorisation. The FCA has issued the Consultation Paper 2020 (‘the CP’) and intends to publish a finalised supplementary document explaining its general approach to international firms on matters regarding the authorisation, supervision etc.
The CySEC wishes to the Regulated Entities concerned, to take the aforesaid FCA announcements into consideration, including the CP.
Please click the link to read our blog regarding: Temporary Permissions Regime – An update on FCA’s approach to international firms
If you have questions do not hesitate to contact us.
Written by Angeliki Georgiou, Independent Legal Consultant