Regulatory change for firms as Brexit transition period ends
Released 22 December 2020
The Financial Conduct Authority (FCA) has flagged up certain regulatory changes taking effect following the end of the Brexit transition period.
Passporting between the UK and EEA states has ended and the temporary permissions regime (TPR) has now come into effect for those firms and funds that notified us that they wanted to enter this regime.
Alongside the TPR, the Government has created the financial services contracts regime (FSCR). This allows, for a limited period, EEA passporting firms not in the TPR to continue to service UK contracts entered into prior to the end of the transition period (or prior to when they enter FSCR) in order to conduct an orderly exit from the UK market now that the transition period has ended.
Further information can be found at https://www.fca.org.uk/news/news-stories/regulatory-change-firms-brexit-transition-period-ends.