FCA extends deadline for Brexit applications

FCA extends deadline for Brexit applications

The Financial Conduct Authority has extended the deadline for EU companies to seek permission to continue operating in the UK after Brexit.

The regulator has extended the deadline until October 30, 2019, the day before Britain is scheduled to leave the EU following the latest extension agreement.

It will allow EU-domiciled funds which market in the UK under the passporting regime to continue temporarily marketing in Britain.

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Applying for the FCA's temporary permissions regime will allow companies to continue to operate in the UK for a limited period after it has left the EU.

Nausicaa Delfas, the regulator's executive director of international, said: "The FCA continues to plan for all Brexit scenarios, which includes a no-deal Brexit. Extending the deadline for firms to notify the FCA they want to enter the TPR is part of this ongoing work. It is important that firms also continue to plan for all scenarios, including the possibility of a no-deal Brexit at the end of October 2019. 

"As more information emerges about what Brexit will mean for financial services, firms need to make sure they understand the implications and plan accordingly.  If firms are unsure of our expectations or what they need to do, they should visit our Brexit pages on the FCA website."

The FCA have said that it intends to make use of the temporary transitional powers given to it by parliament to ensure companies and other regulated persons can generally continue to comply with their regulatory obligations as they did before exit.