FCA Authorisations Guide for EEA firms and funds
- Posted on: 17 December 2020
European Economic Area (EEA) firms which offer financial services and investment funds that want to continue operating in the UK after 31 December 2020 will no longer be able to rely on ‘passporting’ arrangements. Within three years they will have to be directly authorised and regulated by the Financial Conduct Authority (FCA) but pending their application they must register under the TPR. The TPR allows firms to continue operating in the UK within the scope of their previously notified passporting services/activities.
Banks, building societies, credit unions, insurers and major investment firms are regulated in the UK by both the FCA and Prudential Regulatory
Authority (PRA). The window for these types of firms to apply to the PRA under the TPR has closed. All other types of firm or investment fund
only have until 30 December 2020 to register with the FCA under the TPR.
Understandably, EEA firms are likely to have many questions about the TPR and the FCA authorisations process. This short document answers many of the common questions we’ve been asked and explores some of the key considerations, for example, do you have to form a UK subsidiary, or can you establish a branch?