ARTICLE
26 March 2018

FCA Survey For EEA Inbound Passported Firms

MG
Maples Group

Contributor

The Maples Group is a leading service provider offering clients a comprehensive range of legal services on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg, and is an independent provider of fiduciary, fund services, regulatory and compliance, and entity formation and management services.
The FCA has published a short online survey for completion by investment firms and fund managers that passport into the UK (via a branch or on a cross border services basis) or market funds into the UK ("Firms").
United Kingdom Immigration

The FCA has published a short online survey for completion by investment firms and fund managers that passport into the UK (via a branch or on a cross border services basis) or market funds into the UK ("Firms").

This stems from the UK Government's announcement in December 2017 that, if necessary, it will legislate to provide a temporary permission scheme for such Firms after Brexit day, being 29 March 2019. It is envisaged that this would enable Firms to enter into new business and fulfil existing contracts with UK customers for a period after Brexit day, while seeking full authorisation in the UK.

As a pre-legislative step, the online survey requires Firms to identify the directives under which they are passporting in to the UK and their intentions around accessing the UK market following the UK's withdrawal from the EU. Pending HM Treasury's legislation, the information provided will contribute to the overall design of the scheme and the authorisation process.

The survey closes on May 2018.

In December 2017, the UK Government announced that if necessary it will legislate to provide a temporary permission scheme for EEA firms and funds passporting into the UK.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More