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Entering new territory: Implementation Period

Entering new territory: Implementation Period
  • United Kingdom
  • Financial services and markets regulation
  • Investment funds and asset management

10-02-2020

The UK has now officially left the European Union and entered an implementation period ("IP"), which is due to last until 31st December 2020 – IP Completion Day. During the implementation period, European law will continue to apply and firms and funds will continue to benefit from passporting rights between the UK and EEA. Consumer rights and protections derived from European law will also remain in place during this period.

TPR notification window

The FCA has now updated its temporary permissions regime (TPR) pages in light of the above as well as the coming into force of the Financial Services (Consequential Amendments) Regulations 2020, immediately before exit day (31st January 2020). These regulations are made under the European union (Withdrawal Agreement) Act 2020 and delays the application of a number of financial services temporary permissions and transitional regimes.

The FCA makes it clear that EEA firms and fund managers wishing to notify the FCA that they want to use the TPR are no longer able to do so as the TPR notification window closed on 30th January 2020. Firms and fund managers that have already submitted a notification do therefore not need to take action at this stage. The FCA will confirm its plans for reopening the notification window later this year, which will allow additional notifications to be made by firms and fund managers and previously submitted notifications to be updated before IP Completion Day.

It is expected that the TPR will now take effect at the end of the implementation period.

Updated flowcharts

In light of the above, we have updated our various flowcharts to help navigate the implementation period and TPR regime:

How Eversheds Sutherland can help

Since June 2016, our lawyers, consultants and International Funds Net (FundsNet) team have advised various institutions passporting into the UK from EU27 Member States and passporting from the UK into the EU27 on Brexit planning and Brexit related issues.

Lindi Rudman, Legal Director
Michaela Walker, Product Group Head
Julian Brown, Partner
Phil Spyropoulos, Principal Associate

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