PRA has written to CEOs of all firms preparing to enter the TPR at the end of the transition period. The letter notes that all firms that have submitted a notification or application for authorisation will automatically enter the TPR, which will allow the firm to carry on its existing activities for a maximum of three years from the end of the transition period. Firms that have top-up permissions will get a deemed variation of their permission to reflect this.
PRA wants to stress firms must be operationally ready for the TPR so they can meet the regulatory requirements that will apply once it is in it. It has prepared materials to help firms operating through either a UK branch or through cross-border services understand what will be expected of them from the beginning of 2021.