Find out how to notify us if you're a fund manager that wishes to use the temporary permissions regime (TPR).
Fund managers must use our Connect system to notify us of which of their stock of passported funds they wish to continue to market in the UK temporarily.
Notifications will need to be submitted by the end of 30 December 2020.
Fund managers should also note the following directions:
- Direction under regulations 64(1) and 71 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (PDF)
- Direction under regulation 78A(6) and (7) of the Alternative Investment Fund Managers Regulations 2013 (as amended, in particular by the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (PDF)
We have also published a guide to Connect for fund managers (PDF) covering the notification process.
There will be no fee for fund managers notifying us of which of their stock of passported funds they wish to continue to market in the UK temporarily.
Fund managers should submit their notification with a full list of the funds they wish to continue marketing in the UK after the end of the transition period. If fund managers think they will add funds to their notification before the window closes, they should wait until they have a full list before submitting their notification.
Once the notification window has closed, fund managers that have not submitted a notification for a fund will be unable to use the temporary marketing permission regime for this fund and will not be able to continue marketing the fund in the UK in the same manner as they did before the end of the transition period. The only exception to this is for new sub-funds of EEA UCITS that are in the temporary marketing permission regime on IP completion day (see below).
We will provide further information on how funds will exit the temporary permissions regime in due course.
Please note that funds which have not been passported into the UK cannot enter the temporary marketing permissions regime. This includes EEA AIFs managed by UK AIFMs and third-country AIFs or EEA AIFs which are feeders for a third-country master AIF, managed by EEA AIFMs. The FCA intends to apply the Temporary Transitional Power (TTP) in relation to the provisions which govern how such AIFs can be marketed in the UK after the end of the transition period. As a result, these funds will be able to be marketed in the UK on the same basis as they were before the end of the transition period for a temporary period of 15 months, from 11pm 31 December 2020 until 31 March 2022.
Updating previously submitted notification(s)
Fund managers that want to update their previously submitted notification(s), should email [email protected] by the end of 9 December 2020 at the very latest confirming this and including their FRN.
Fund managers should expect to be able to submit their updated notification from 14 December 2020. Fund managers should only submit their updated notification when they are certain that all the correct funds are included. Updated notifications must be received before the end of 30 December 2020.
Fund managers should continue to follow current processes via their home state regulator for marketing new funds in the UK and should allow sufficient time for notifications to be received and processed by us to ensure that any new funds are eligible for the TPR. Fund managers can continue to create new draft notifications on our Connect system to monitor their fund population.
If new funds have been added to a fund manager’s population since an earlier notification was submitted, the new funds will not be included in the temporary marketing permission regime unless fund managers request to update their notification and include them in that updated notification.
Sub-funds of EEA UCITS
If an EEA UCITS is divided into sub-funds, the fund manager must notify us of each of the sub-funds that it wants to enter the regime. Only these sub-funds will keep their marketing rights.
To be eligible for the temporary marketing permissions regime, a sub-fund which is authorised by the relevant home state regulator before the end of the transition period must, amongst other things, be a recognised scheme by virtue of section 264 of the Financial Services and Markets Act 2000 and must be notified to the FCA in accordance the directions given under regulation 64 of the Collective Investment Schemes (Amendment, etc.) (EU Exit) Regulations 2019 (SI 2019/310).
If new sub-funds of EEA UCITS are authorised by the relevant home state regulator after the end of the transition period, but form part of an umbrella scheme that notified for the TMPR prior to exit, they may be added into the regime so that they can be marketed to UK investors. We will publish further details of this process in due course, but we expect it to be similar to the current route by which new sub-funds can be notified for marketing in the UK.
Sub-funds of EEA or UK AIFs
New sub-funds of EEA or UK AIF umbrella schemes which have entered the temporary marketing permissions regime cannot be added to the temporary marketing permissions regime after the end of the transition period. New sub-funds will need to be marketed via the National Private Placement Regime (NPPR) procedure. Fund managers may, if they think it more straightforward, notify sub-funds and umbrellas in the temporary marketing permissions regime for entry via NPPR alongside any new sub-fund that they are seeking to market in the UK. Once the notification has been processed, you will have been deemed to exit the temporary marketing permissions regime for these affected funds.
If you have passports other than for the purposes of marketing funds in the UK (for example, a passport to manage UK domiciled funds, or conduct top-up activities under the UCITS Directive or AIFMD), you should also submit a firm temporary permission notification form, if appropriate.
Read more about the notification process for firms.