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Due date for entrance to temporary permissions regime extended to 11 April- FCA Statement

Policy Statement PS19/5 sets out the rules for firms and operators, depositories and trustees of EEA-domiciled funds in the temporary permissions regime. The temporary permission regime provides a backstop that allows firms and investment funds to continue passporting without disruption. For a limited time after Brexit day, inbound firms will be able to continue operations while they seek complete UK authorisation.

Right now the deadline for firms and funds wishing to enter the temporary permission regime is 29 March, today. As a result of the delay to Brexit, the FCA have decided to extend the notification window for the temporary permissions regime until the 11 April 2019.

Fund managers who wish to update their notification must email recognisedcis@fca.org.uk by the end of 2 April 2019 with their FRN.

The FCA will release further information, including the Directions giving effect to this extension, soon.