The temporary permissions regime (TPR) enables relevant EEA firms and funds that were passporting into the UK when the transition period ended to continue operating temporarily in the UK now that the passporting regime has fallen away.
About the previous passporting regime
Before the end of the transition period, EEA financial services firms established in any EEA member state could use the passporting regime to establish a branch or provide services (without a UK branch) in the UK without being authorised by the PRA or the FCA. The passporting regime also allowed EEA-based investment funds to be marketed in the UK.
However, following the end of the transition period, EEA-based firms can no longer passport into the UK and EEA-based investment funds can no longer be marketed under a passport in the UK.
The TPR and TMPR
As part of the UK’s preparations for Brexit, the UK Government established the TPR for firms based in the EEA, and the temporary marketing permissions regime (TMPR) for EEA-based investment funds that passported into the UK.
The TPR allows EEA-based firms that were passporting into the UK at the end of the transition period (31 December 2020) to continue operating in the UK within the scope of their previous passport permission for a limited period after the end of the transition period. This is subject to having notified us that they wanted to join the TPR before the end of the transition period.
During this limited period, these firms must seek full authorisation by the PRA or the FCA in the UK, if required, to continue to access the UK market.
The TMPR allows certain EEA-based funds that were passporting into the UK at the end of the transition period to continue to be marketed in the UK in the same manner as they were before the transition period ended (again, subject to having notified us before the end of the transition period).
They can do this for a limited period while seeking UK recognition to continue to market in the UK.
There are other pages in this section about:
- which firms and investment funds were eligible to notify us to use the TPR
- the rules that apply to firms and fund operators in the TPR
- how we will supervise firms in the TPR
- TPR fees and levies
- considerations for firms leaving the TPR
- the financial services contracts regime
Gibraltar-based firms can continue to passport into the UK and operate as they did before the end of the transition period. Gibraltar-based firms therefore don’t need to use the TPR. The UK government is working closely with the Government of Gibraltar to design a replacement framework for after 2021.
If you have questions or need help, please contact us.
31/01/2020: Information changed Updated with the latest information