Summary of CySEC's Circular C412
Memo #57-2020
CySEC Circular No: C412
Date: 06/11/2020
Subject: UK Temporary Permission Regime – Reminder
Purpose: To draw the attention of the Regulated Entities on the re-opening on 30 September 2020 of the notification window for entering the UK FCA’s Temporary Permissions Regime (“TPR”).
In Summary:
CySEC has issued the Circular C412 on 06/11/2020 in order to draw the attention of CIFs, UCITS Management Companies, Internally managed UCITS, Licensed AIFMs, Internally managed AIFs qualifying as licensed AIFMs, Internally managed AIFs under part II of the AIF Law qualifying as registered AIFMs and bearing the designation “EuVECA’ or ‘EuSEF’, Internally managed AIFLNPs under part VII of the AIF Law bearing the designation “EuVECA’ or ‘EuSEF’ and Registered AIFMs managing AIFs and/or AIFLNPs bearing the designation ‘EuVECA’ or ‘EuSEF’, that the notification window for entering the UK FCA’s Temporary Permissions Regime (“TPR”) has been re-opened on 30 September 2020.
The UK FCA has issued an announcement for the relevant update. This announcement can be found on the following link: https://www.fca.org.uk/brexit/temporary-permissions-regime-tpr.
Regarding the deadline for the UK FCA’s Temporary Permissions Regime (“TPR”), CySEC has issued the Circular C304 on 22 March 2019.
The aim of the TPR is to ensure that relevant firms and investment funds, including their managers (where applicable), which passport into the UK from the European Economic Area are able to continue operating via an inbound passport following the expiration of the transition period of the UK’s withdrawal from the EU.
EEA firms that have notified their intention to enter the TPR will be allowed to continue their UK business within the scope of their current permissions for a limited period after the transition period ends, if they meet the conditions to enter and remain in the TPR, while they wait to be called by the FCA to submit their applications for full UK authorisation. To this end the UK’s FCA has issued Consultation Paper 20/20 (“the CP”)
which can be found on the following link: https://www.fca.org.uk/publication/consultation/cp-20-20.pdf.
CySEC notes that the Regulated Entities concerned should take the FCA announcements, including the CP, into consideration.
