EEA Firms Applying for Full Authorisation Under the TPR: Challenges and Potential Pitfalls
Following the end of the Brexit transitional period, EEA firms in the FCA’s Temporary Permissions Regime (TPR) are now starting to be contacted about their Brexit landing slots, sometimes at very short notice. It’s vital that they start planning now as putting together a good FCA application is not straightforward and likely to take longer than the three-month window.
Crucially, firms that miss their landing slot do not just go to the back of the authorisations queue, they are actually prevented from initiating further regulated activity in the UK.
Anyone expecting TPR authorisations to be expedited in some way, a sort of authorisation-lite process if you like, will be disappointed. EEA firms who may have been passporting their services into the UK for years are effectively back to square one in terms of proving that they meet the necessary standards.
Although the FCA is keen to emphasize that the UK is open for business, it is clearly alive to the danger that its regulatory perimeter will be seriously weakened by an influx of EEA firms.
What’s more, we understand that the FCA will interrogate applications from EEA branches particularly intensely and expect many of these will be rejected altogether.
Listen to our on-demand webcast, where we outline:
- Understanding the process
- The key elements of a successful application
- Will the FCA favour applications from subsidiaries over branches?
- How the UK’s regulatory regime differs from EEA jurisdictions
How we help
We are on hand to support you from start to finish with this move. Our comprehensive FCA Authorisation and Support for EEA Firms solution provides authorisation project and programme management, training, regulatory reviews and full regulatory support. This makes up part of our wide range of Brexit solutions.
Complete this form or call +44 (0) 20 7042 0500 to connect our team contact us here.