Notifying us that you want to enter the regime
Firms will need to notify us that they wish to enter the temporary permissions regime using our Connect system. Fund managers will also need to notify us of which of their passported funds they wish to continue to market in the UK temporarily via Connect.
The notification window opens today (7 January 2019) and closes at the end of 28 March 2019. We have also published a guide for Connect covering the notification process for firms (PDF) and investment funds (PDF).
There will be no fee for notifying for the regime and firms and fund managers should not wait for confirmation of whether there will be an implementation period before they submit their notification.
Firms that have not submitted a notification will not be able to use the regime.
Firms that do not notify us that they wish to use the temporary permissions regime will, where they meet the relevant conditions, be subject to the financial services contracts regime. We expect to consult on our approach to this regime shortly.
Once the notification window has closed, fund managers that have not submitted a notification for a fund will be unable to use the temporary permissions marketing regime for that fund. They will not be able to continue marketing that fund in the UK on the same basis as they did before exit day. The only exception to this is for new sub-funds of EEA UCITS that are in the temporary permissions marketing regime on exit day. It is possible for such new sub-funds to enter the temporary permissions marketing regime after exit day.
Details of firms and investment funds with temporary permission will be shown on the FS Register.
Firms should take note of the following directions:
Fund managers should take note of the following: