If you signed up to the Brexit Temporary Permissions Regime (TPR), the FCA will shortly be sending you a ‘landing slot' to apply for full authorisation in the UK. This is not as straightforward as it seems.
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.
Who is eligible?
Firms who signed up to the TPR may continue to offer these services for a temporary period, pending the FCA inviting them to apply for full authorisation (known as a “landing slot”). TPR was a one-off opportunity – it is now too late to join, having closed with the end of transitional Brexit phase on 31 December 2020.
Firms in the TPR are starting to be contacted by the FCA on the timing of their landing slot. Firms are required to submit their applications during a three-month window, with the first landing slot starting in July 2021 and the subsequent five slots running each quarter thereafter. The FCA has indicated all firms will receive their landing slots by the end of 2022.
This process can be complicated and time consuming.
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