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On 12 August 2022, the FCA updated the following webpages on the temporary permissions regime (TPR):
- Considerations for firms leaving the TPR – Under the section, ‘Firms that previously passported into the UK under schedule 3 or schedule 4 to FSMA’, the FCA has added the following text: “All firms in the TPR that we are expecting to apply for full authorisation in the UK should now have received a formal direction confirming their ‘landing slot’. If we are not expecting your firm to apply for full authorisation in the UK, you may not have received a landing slot direction. If your firm does intend to apply for full UK authorisation and will be solo-regulated by us but has not received a landing slot direction, your firm can still apply but any application must be received by us before the end of 31 December 2022. All firms in the TPR that intend to apply for full UK authorisation must do so by the end of 31 December 2022. An application from a firm in the TPR which submitted after this date will be treated as invalid.”
- TPR firms that do not meet our expectations – The FCA has added a new section, ‘FSMA firms that miss their landing slot or do not apply by 31 December 2022’. In this new section the FCA has inserted the following text: “We expect firms to take regulation seriously and submit their application for authorisation when asked to do so. A FSMA firm that misses its landing slot, (or otherwise fails to apply by 31 December 2022) will have failed to meet our expectations and, as a result, we will expect it to voluntarily apply to cancel its temporary permission and either, enter SRO to run-off its UK business (if eligible) or leave the UK perimeter. Where firms do not take either of these steps promptly, we will look to take action to cancel their temporary permission.”
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