On 24 July 2018 the Government published the draft Statutory Instrument that will form the legislative basis of the temporary permissions regime for inbound passporting EEA firms and funds. At the same time we have provided an update setting out more detail on how the regime will operate including our initial views on the FCA rules we propose will apply to firms while they are in the regime.
The temporary permissions regime will enable relevant EEA firms and funds which passport into the UK to continue operating in the UK for a limited period if the passporting regime falls away abruptly when the UK leaves the EU.
The update also explains which firms and funds can use the temporary permissions regime and the process by which firms and funds will need to notify us that they want to enter the regime and obtain a temporary permission.
Find out more about our role in the UK leaving the EU on our Brexit pages[2].