UK Prudential and Conduct Regulators Extend Deadline for Temporary Permissions Notifications by EEA Firms

The U.K. Prudential Regulation Authority and U.K. Financial Conduct Authority have extended their deadlines for PRA- and FCA-regulated EEA firms to make notifications that they wish to utilize the temporary permissions regime for providing financial services in the U.K. following Brexit if no implementation or transitional period is agreed under the Withdrawal Agreement. Firms now have until April 11, 2019 to make their notification.

The TPR for EEA firms that provide financial services to the U.K. using passporting rights was introduced under a package of legislation covering firms offering services in the U.K. under a financial services passport, EEA e-money and payment services institutions, Units for Collective Investment in Transferable Securities schemes and Alternative Investment Funds. The Bank of England and FCA have each published further guidance on the application of the TPR to PRA-regulated firms on their websites.

View the PRA's amended Direction on Temporary Permissions Notifications.

View details of the EEA Passport Rights Regulations 2018.

View details of the BoE’s guidance on the TPR.

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