FCA amends directions for electronic money issuers with regard to Brexit

Maria Nikolova

Notifications to the FCA have to be made and received not later than the end of October 30, 2019.

The UK Financial Conduct Authority (FCA) has published amended directions to electronic money issuers with regard to Brexit.

To obtain a deemed authorisation as an Electronic Money Institution under the Regulations, a person that (immediately before exit day) is entitled to provide electronic money issuance, redemption, distribution or payment services in the UK in exercise of a passport right as an EEA authorised electronic money institution must notify the FCA. The notification must be made in accordance with the updated direction.

The amended direction extends the date by which relevant persons may notify the FCA for the purposes of paragraph 2(1)(c) of Schedule 3 to the Regulations to the end of October 30, 2019.

“The FCA directs that a notification must:

  • a. be made by submitting the Firm Temporary Permission Notification using the Connect system;
  • b. be made following any further instruction published in relation to the Firm Temporary Permission Notification form;
  • c. contain the information required by that form; and
  • d. be made and received during the period beginning at 9am on 31 July 2019 and the end of 30 October 2019.”

In May this year, the FCA confirmed the extension of the deadline for notifications for the temporary permissions regime (TPR) to October 30, 2019.

As previously guided, TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation.

This regime will also allow EEA-domiciled investment funds that market in the UK under a passport to continue temporarily marketing in the UK.

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