Transitional directions

The documents linked to on this page set out the full legal effect of the Temporary Transitional Power (TTP).

Our use of the TTP has now ended and, with certain exceptions, firms must fully comply with UK onshored regulatory obligations. Find out more

To understand the legal framework of the TTP, firms should read:

Annex A to the main FCA transitional directions sets out how the TTP applied and where it did not apply to primary and secondary legislation, including BTS. Given the complexity of the legislative framework and the effect of the TTP on law, it is necessary to set out what modifications are made to the law in some detail. 

Annex B to the main FCA transitional directions sets out how the TTP applied and where it did not apply to FCA rules. The TTP did not apply to rules that apply only to temporary permission firms (including Part 6 financial services contracts firms) and temporary marketing permission managers etc. However, the rules themselves include provision to ensure that the transition is smooth.

The TTP did not apply to various FCA rules, including:

  • FEES rules and levies rules applying to the temporary permission regime and various rules in: PRIN, GEN, MIPRU, IPRI(INV), COBS, ICOBS, MCOB, BCOBS, CASS, MAR, SUP, COMP, COLL, CONC, FUND, LR, PRR, DTR
  • rules referring to UCITS management companies specified in Annex B

To see the links to our previous draft transitional directions, annexes and explanatory note, go to the previous TTP updates page.

Page updates

31/03/2022: Information added To reflect that our use of the TTP has ended