The FCA Re-Opens The Temporary Permissions Regime (TPR) Application
On 30 September, 2020 The Financial Conduct Authority (“FCA”) in the UK reopened the window for the Temporary Permissions Regime (“TPR”), allowing EEA-domiciled UCITS and AIFs (the “Funds”) to continue operating in the UK when the UCITS and AIFM passporting regimes come to an end at the close of the transition period on 31 December, 2020.
All Funds duly registered with the FCA that wish to apply for the TPR must be included in the notification. This notification must be carried out for all the Funds at the same time and, once the notification has been submitted, no changes will be permitted by the FCA.
If you intend to market new Funds in the UK, you should ensure that you allow enough time for the notifications to be received and processed by the CSSF and the FCA.
New Funds must also be duly registered with the FCA no later than 14 December 2020 if they are to be included in the notification.