We explain which types of firms and investment funds were eligible to notify us (before the end of the transition period) of their intention to use the temporary permissions regime (TPR) and temporary marketing permissions regime (TMPR).
Firms that were eligible to use the TPR
The following firms are able to use the TPR if they notified us of their intention to use the regime before the end of the transition period:
- firms that had passports under Schedule 3 to FSMA in place immediately before the end of the transition period, including where they also had top-up permissions
- treaty firms under Schedule 4 to FSMA which qualified for authorisation immediately before the end of the transition period, including where they also had top-up permissions
- payment institutions, registered account information service providers and electronic money institutions that were exercising their passporting rights under the Payment Services Directive (PSD2) or the Electronic Money Directive (EMD) (as appropriate) immediately before the end of the transition period
These firms may have been operating on a freedom of establishment basis, a freedom to provide services basis, or both. The scope of a particular firm’s temporary permission has been determined by the type of passport it had and what was covered by its passport immediately before the end of the transition period.
Investment funds that were eligible to use the TMPR
The following investment funds are able to use the TMPR if their manager / operator notified us of their intention to continue to market in the UK under the relevant passport before the end of the transition period:
- EEA-domiciled UCITS and any notified sub-funds
- UK and EEA-domiciled Alternative Investment Funds (including EuVECAs, EuSEFs, ELTIFs and AIFs authorised as MMFs) managed by EEA authorised managers
New sub-funds of EEA UCITS
If new sub-funds of EEA UCITS are authorised by the relevant home state regulator after the end of the transition period, and form part of an umbrella scheme that had notified for the TMPR before the end of the transition period, they may be added into the TMPR so that they can be marketed to the general public including retail investors.
Find out more about adding new sub-funds[1] to an umbrella UCITS scheme in the TMPR.