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A closer look at the UK temporary permissions regime (“TPR”) forms and some key practical considerations

A closer look at the UK temporary permissions regime (“TPR”) forms and some key practical considerations

  • United Kingdom
  • Financial services and markets regulation
  • Financial institutions - Asset managers and funds

16-01-2019

Our client briefing on 7 January 2019 provided details on the temporary permissions regime (“TPR”), which will enable EEA firms and funds which passport into the UK to continue operating in the UK if the existing passporting regime falls away abruptly when the UK leaves the EU. Firms will need to notify the FCA that they wish to use the TPR via the FCA’s Connect system and notifications will need to be submitted between now and 28 March 2019. We also provided flowcharts for both firms and funds to help navigate the regime.

To read our 7 January 2019 briefing, click here

To access the FCA’s Connect System, click here

To read our flowchart for firms, click here

To read our flowchart for funds, click here

In this briefing, we look at some key practical considerations to help make the process as simple as possible, as well as the contents of the TPR notification forms.

Key initial steps

Before the notification can be completed, firms should take the following steps:

  • register on the FCA’s Connect system. You are able to include Eversheds Sutherland as an additional user on your behalf to assist with notifications
  • update the relevant user details under “My Profile” on FCA’s Connect system to ensure all required fields are populated. This will be the application contact for purposes of the notification and this step needs to be completed before the notification can be completed
  • confirm that the information on the FCA’s Register is correct. If not, and any changes are required, firms should take the necessary steps to notify the FCA through their national competent authority. If information is not on the Register, you should contact the FCA
  • confirm which funds you are actively marketing in the UK and fund managers should let the FCA know as soon as possible, through their competent authority, of any changes

Forms

The temporary permission notification – EEA-based firms passporting into the UK form requires the following information and documents:

  • firm name
  • firm’s principal place of business
  • postal address in the UK to be used for correspondence
  • key contact for queries about authorisation in the UK
  • permissions/regulated activities your firm is permitted to undertake in the UK
  • firm’s main area of business
  • number of UK clients by type (i.e. retail, professional, eligible counterparties)
  • do you safeguard client financial instruments, client funds or other monies for customers?
    • if so, you will be required to complete a separate Client Assets Questionnaire*, click here
  • do you provide payment services in the UK through an agent?
    • if so, you will be required to complete a separate Payment Institutions and Registered Account Information Service Providers Agent Annex*, click here
  • do you provide electronic money services in the UK through an agent?
    • if so, you will be required to complete a separate Electronic Money Institutions Agent Annex*, click here
  • do you provide MiFID services in the UK through a tied agent?
    • if so, you will be required to complete a separate MiFID Tied Agent Annex*, click here
  • declaration, which can only be selected (and completed) once the application contact details and the TPR form have been completed.

Please note that the documents marked with an asterisk (*) can be downloaded and completed prior to starting the TPR form and we would strongly advise firms to do so – and to start working on the notification in draft.

Once the notification has been submitted, you will not be able to change it. Once you have submitted your notification, you will receive an email from the FCA to confirm that they have received it.

The temporary permission notification – EEA-domiciled investment funds with a passport to market in the UK form requires the following information and documents:

  • firm name
  • firm’s principal place of business
  • confirmation that the information currently displayed on the FCA’s Register in respect of your firm and funds are correct
  • key contact for queries about the funds you wish to market in the UK
  • funds you wish to continue to market or cease to market in the UK
  • confirmation as to whether any of the funds are European long-term investment funds (ELTIFs)
  • declaration, which can only be selected once the application contact details and the TPF form have been completed.

The FCA says on its website that fund managers should submit their notification with a full list of the funds they wish to continue marketing in the UK after exit day. If fund managers think they will add funds to their notification before the window closes, they should wait until they have a full list before submitting it.

Once you have submitted your notification, you will receive an email from the FCA to confirm that they have received it.

How Eversheds Sutherland can help

Since June 2016, our lawyers, consultants and International Funds Net (IFN) team have advised various institutions passporting into the UK from EU27 Member States and passporting from the UK into the EU27 on Brexit planning and Brexit related issues.

We would be happy to discuss how we can help you with your Brexit planning and execution of those plans, including assisting you with changes and TPR notifications. Eversheds Sutherland are able to be registered as an additional user by clients on the Connect system to assist with notifications on a fixed fee basis.

For more information contact

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