Over 1,300 firms and funds express interest in joining temporary permissions regime, FCA says

Maria Nikolova

Firms should register between January and March 2019 for the temporary permissions regime, and it will apply for a maximum of three years.

More than 1,300 firms and funds have expressed interest in the proposed temporary permissions regime (TPR), Nausicaa Delfas, Executive Director of International, and a member of the Executive Committee at the Financial Conduct Authority (FCA), said in a speech today.

Let’s recall that the UK regulator published a consultation on the proposed temporary permissions regime about a month ago. The regime is set to allow EEA firms and investment funds to continue to carry on regulated business in the UK for a limited period after Brexit while they seek full authorisation in the UK. The consultation paper sets out how the FCA expects the regime to work in practice, how firms and funds can enter it, how long it will operate for, and the rules the regulator proposes should apply to firms and fund marketing activities during the regime.

Put briefly, firms should register between January and March 2019 for the temporary permissions regime, and it will apply for a maximum of three years. Firms will be given with ‘landing slots’ within which they’ll need to submit their authorisation application. While in the scheme, the FCA proposes to operate a system of substituted compliance for certain new rules which impose obligations, so that in most cases firms will not need to start complying with the full UK implementation of a given rule until the point at which they become UK authorised.

The proposed changes to the FCA Handbook and the temporary permissions regime will only come into force in March 2019 if the UK leaves the EU without an implementation period. The FCA does not expect firms to make any changes now. However, it is important that firms and others engage with these consultations and respond with any feedback.

The UK regulator is particularly interested to hear of any significant implementation challenges that firms would face as a result of its proposals, so the FCA can start working now to address these changes. Both consultations close on December 7th, so firms have just over a month to respond.

Read this next

Digital Assets

Zumo launches B2B ‘Crypto-as-a-Service’ solution for brokers

The new product, Zumo Enterprise, also features an embedded ESG and net zero strategy.

Technology

Top Tools to Add to Your Trading Platform to Delight and Retain Traders

The online trading boom that started during the pandemic-led lockdowns is abating. This is in part due to sustained market volatility which seems to be discouraging new investors. For example, day trading volumes in the US for retail investors declined in the last 2 quarters of 2021.  

Technology

Embedded finance platform Alviere taps Marqeta for branded card issuance in Europe and UK

Alviere has recently raised $70 million to fuel the ongoing expansion across the European region and the United Kingdom.

Retail FX

Overcharts partners with dxFeed for CME Group Market Depth

“More and more traders are using Market Depth while conducting volume analysis. Its primary function is to help traders identify potential support and resistance levels.”

Digital Assets

CoinGecko expands collaboration with CER.live security rating

CoinGecko, one of the earliest crypto data aggregators, has integrated the security score data from the CER.live rating. The trust assessments given to crypto projects will be integrated into their pages on CoinGecko website to draw users’ attention to the importance of security.

Metaverse Gaming NFT

Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate

Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

<