UK TPR closes after Brexit
The FCA has delayed the start of the TPR until the end of the post-Brexit transition period.
On 3 February 2020, the FCA confirmed that the Temporary Permissions Regime (TPR) has closed.
The TPR would allow firms to continue to market EEA funds into the UK if the current passporting regime falls away under a no deal Brexit. The FCA had already previously postponed the start of the TPR several times because of delays to the UK’s withdrawal from the EU.
The UK has now entered a transition period lasting until 31 December 2020. During this time, EU law will apply in the UK and the current passporting regime will operate as before. Firms which have already submitted a TPR application do not currently need to take any action.
The FCA will provide an update on the possible reopening of the TPR notification window later in 2020. The update will provide information on making additional notifications before the end of the transition period and is also likely to include guidance on amending previously submitted notifications.
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