FCA outlines temporary permissions for funds

FCA has outlined how its temporary permissions Brexit regime will work for inbound EEA firms and funds.  FCA carried out a survey earlier in the year for affected firms and funds, and urges relevant firms to complete it if they have not yet done so.

The new webpage sets out which firms and fund can use the new regime, and directs other firms to relevant other consultations and guidance.  It confirms that Gibraltar based firms will not need to use the regime and will be able to continue to passport until 2020 by which time a replacement framework should have been agreed.

FCA reminds firms of its direction setting out the notification process, and reminding firms that if they have not made their notification by 28 March 2019 the window will close and firms will not be able to use the temporary permissions regime.

Alongside its brief guidance it has published a consultation paper, which is open for responses until 7 December.  In the paper, FCA sets out how the FSCS, FOS, SMCR, client assets and other rules will apply to firms while under temporary permissions.