FCA updates its webpage on landing slots for funds in the TMPR

What’s new?

On 10 October 2023, the FCA updated its webpage on landing slots for funds in 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. The decision about whether to make regulations approving certain countries or territories under section 271A of FSMA 2000 is for HM Treasury (HMT) but, to date, no such regulations have been made.

As and when HMT makes regulations under section 271A, the FCA expects to contact fund operators shortly afterwards with information on landing slots for exiting the TMPR.

As the process is still under review, for the time being, operators of UCITS in the TMPR should:

• ensure that the FCA holds the correct contact email address (as shown in the Financial Services Register) as this will be used to contact firms with details of the process and landing slots;
• the email address provided should be that of the operator and not an external consultancy firm or other third party; and
• if a fund operator needs to update the firm or fund details, it should email the FCA at recognisedcis@fca.org.uk

Funds which are registered under the TMPR but which are no longer marketing in the UK should complete Form TMPR CH to have themselves removed from the 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 Brexit transition period to continue to be marketed in the UK in the same manner as they were before the transition period ended. The TMPR was always meant to be a temporary fix before the new Overseas Funds Regime (OFR) takes over. As part of a smooth transition across to the OFR, the FCA has been given a power to create “landing slots” for TMPR funds.

As we have previously reported, the FCA had already confirmed to the fund operators in the TMPR that it would be contacting them in the coming months regarding their landing slots and that fund operators should streamline their contact information.

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.

In the coming weeks, the FCA also plans to run an 8-week consultation on the new OFR rules which, among other things, will include rules and processes for TMPR funds to transfer into the OFR.