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

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<