Post-Brexit FAQs - FCA Authorisation and Compliance for EEA Firms in the TPR

Author

Martin Lovick

Publish Date

Type

Compliance Alert

Topics

  • Brexit
  • FCA
  • Compliance

In the run-up to the UK leaving the European Union, the FCA introduced the Temporary Permissions Regime (“TPR”) for EEA firms who had previously been allowed to offer their investment services in the UK under the passporting regime, without the need for FCA authorisation. 

There is a short window for firms to complete this authorisation - three-month slots starting in July 2021.

Preparing the necessary application for authorisation or drafting a variation of permission can be a complex and onerous task. The authorisation process involves the FCA’s assessment of whether a firm, its owners and management meet specific threshold conditions across a broad range of areas, including their business model, ownership, risk control, governance arrangements, financial resources, experience, knowledge and propriety.

Our FAQ provides essential guidance for firms wishing to move to full authorisation subject to being invited by the FCA and outlines how we can support firms with this challenge, especially given the tight timeframe.

Topics include: 

  • Is it too late to apply for the TPR?
  • What if I miss my landing slot?
  • What will the FCA expect from our firm?
  • What is the FCA’s attitude to applications from branches?
  • What are the key differences between being regulated by the FCA vs a home state regulator?
  • SM&CR, IFPR and other prudential/regulatory reporting considerations
  • What are some of the biggest risks from a regulatory perspective?

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How we help

We offer a comprehensive FCA Authorisation and Support for EEA Firms package, which helps firms to meet their requirements. It includes

  • Authorisation project management
  • Implementation of compliance framework including monitoring programme
  • Training of senior management and staff
  • Ongoing regulatory support and advice on unlimited basis
  • Drafting of regulatory returns and FCA notifications
  • Twice-yearly reviews of compliance programme

In addition, we have a wide range of Brexit solutions designed to help global firms find solutions to overcome their Brexit challenges and continue to access the UK and EU markets.

These include: