The UK Financial Conduct Authority has informed MFSA that licensed entities currently passporting into the UK must apply for a new Temporary Permissions Regime in order to continue operating in the UK.
The MFSA has been informed by the UK Financial Conduct Authority (“FCA”) that fund managers and investment firms currently passporting into the UK need to apply to FCA under the Temporary Permissions Regime (“TPR”) in order to continue their regulated business within the UK. The TPR is available only until the 28th of March 2019 until such licensed entities seek a full authorisation to operate from the FCA. On the 29th of March 2019, when the UK exits from the EU, the UK will be considered to be a third country with respect to the EU, and therefore the faculty to passport investment services to the UK from an EU jurisdiction will no longer be available.
Licensed entities currently passporting into the UK and intending to continue offering their services in the UK are urged to apply for the TPR. Fund managers marketing EEA (European Economic Area) funds in the UK must also notify FCA of the passported funds they wish to continue to market in the UK.
If you are a licensed entity in Malta and passporting your services to the UK, our Financial Services Team can guide you accordingly in order to ensure that your opertions are not disrupted by Brexit.
