FCA – landing slots for funds in the TMPR in the coming months

What's new?

On 19 September, the FCA updated its webpage to confirm that it will be contacting fund operators in the coming months with respect to landing slots for exiting the Temporary Marketing Permissions Regime (TMPR).

The FCA notes that the process of exiting the TMPR and the notification of landing slots is still under review. However, to avoid any delays in future communications, operators of UCITS in the TMPR should:

• ensure that the FCA holds the correct contact email address
• that this email address should be for the operator and not an external consultancy firm or other third-party and
• that funds or firms that need to update their details should do so by emailing the FCA at recognisedcis@fca.org.uk

The FCA also directs funds registered under TMPR that are no longer marketing in the UK to complete Form TMPR CH in order to remove themselves from TMPR.

Background:

The FCA's Temporary Marketing Permissions Regime allows certain EEA-based funds that were passporting into the UK at the end of the transition period to continue to be marketed in the UK in the same manner as they were before the transition period ended (subject to having notified the FCA before the end of the transition period). Funds can do this for a limited period while seeking UK recognition to continue to market in the UK.

As we have previously reported, firms in the Temporary Permissions Regime (TPR) had already received a formal direction confirming their 'landing slot' back in August 2022.

Next steps

The FCA will publish further information on landing slots for funds exiting the TMPR on its website and encourages fund operators to regularly check this page for updates.

The TMPR is due to end on 31 December 2025 whereas the TPR is due to end on 31 December 2023.