Shearman & Sterling LLP | FinReg | UK Conduct Regulator Publishes Approach to International Firms
Financial Regulatory Developments Focus
This links to the home page
Financial Regulatory Developments Focus
  • UK Conduct Regulator Publishes Approach to International Firms

    The U.K. Financial Conduct Authority has published its final Approach to international firms, setting out its approach to authorization and supervision of international firms providing or seeking to provide financial services that require authorization in the U.K. The FCA has also published a feedback statement summarizing its response to the submissions received in response to its consultation last year. The Approach Document sets out the conditions against which a firm will be assessed and discusses the circumstances in which firms may present higher risks and how the risks could be mitigated. It generally proposes that U.K.-authorized firms should have a U.K. place of business, so would not result in any new regime for EU firms which are currently using the "temporary permissions regime".

    The FCA's Approach Document is not relevant to firms that are operating in the U.K., but do not need authorization to do so, for example, those firms using the Overseas Persons Exclusion. It is not also not relevant for payment services firms, e-money institutions, depositaries, trustees and managers of U.K. authorized funds, international alternative investment fund managers and international benchmark administrators.

    Firms that are or would be subject to dual regulation, should also consider the approach of the Prudential Regulation Authority to the supervision and authorization of firms.

    View the FCA's Approach to International Firms.

    View the FCA's feedback statement.

    View details of the PRA's consultation on its approach to supervising international banks.

    Return to main website.