FCA has updated its webpages on the temporary permissions regime, to note it will reopen the TPR windows for inbound passporting EEA firms and funds on 30 September, and will also allow fund managers to update their previously submitted notifications.
Nausicaa Delfas, speaking on the “new era“, highlighted how FCA continues to be prepared for a range of scenarios. On the TPR, she noted also that FCA plans to consult later in the year on the approach it will take when assessing applications from overseas firms. She also noted how the Government has legislated to allow firms that have not registered for a TPR and will not apply for authorisation to continue to service pre-existing contracts in the UK.
FCA’s other preparatory work includes working with other regulators to ensure a robust regime has been created for 1 January 2021 through the onshoring of relevant EU legislation. But it cannot control equivalence decisions or national regimes in the remaining EU Member States.
She then discussed FCA’s proposals for the new investment firms prudential regime, and the recent discussions on deference, which FCA supports.
Finally, she spoke of the impact of Covid-19, and particular on market resilience and the value of technology. She noted the move towards a “green recovery”.