On 30 September 2020, the Financial Conduct Authority (the FCA) in the United Kingdom announced that they have reopened the online notification system for firms who wish to use the temporary permissions regime (TPR).
This announcement is important for all firms and fund managers - such as UCITS and AIF management companies - that intend to continue operating in the United Kingdom when the UCITS and AIFM passporting regimes end at the conclusion of the transition period. If they wish to benefit from the TPR, they have until 30 December 2020 to complete the relevant application.
Now that the system has reopened, it is also possible to update previously submitted TPR notifications to reflect changes in the scope of funds or sub-funds. To do so, management companies should send a request to the FCA via email on firstname.lastname@example.org. All correspondence should include the Firm Reference Number, which can be found on the FCA register: https://register.fca.org.uk/. The deadline for firms to apply to reopen an application is 9 December 2020.
From 14 December onwards, management companies will be able to update their notification file and resubmit to the FCA. These new notifications should only be filed when all the correct funds are included.
The FCA’s statement is available here.
Please feel free to contact us should you require any additional information.
Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.
© 2021 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.