On 6 November 2020, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 412 (the Circular) drawing the attention of Cypriot authorised entities such as investment firms, UCITS, UCITS management companies, alternative investment funds and alternative investment fund managers, to the re-opening on 30 September 2020 of the notification window for entering the UK Financial Conduct Authority’s (FCA) Temporary Permissions Regime (TPR) as set out in the relevant update issued by the FCA. The relevant notifications must be submitted before the end of 30 December 2020.
The TPR will enable Cypriot regulated entities which have so far operated on a freedom of services basis in the UK to continue operating in the UK for a limited time period after the EU passporting regime falls away at the end of the transition period, due to expire on 31 December 2020. The TPR is designed to help firms and investment funds continue their UK business with minimal disruption when the passporting regime ends at the end of the transition period. The TPR will take effect at the end of the transition period, while relevant notifications should be submitted by 30 December 2020.
The Circular additionally makes reference to the FCA’s Consultation Paper 20/20, which sets out the FCA’s general approach to international firms providing or seeking to provide financial services that require authorisation in the UK. Following completion of the consultation, the FCA intends to publish a finalised document explaining its general approach to international firms, to be treated as a supplement to existing guidance, such as the publications on the FCA’s approach to authorisation and supervision.
The Circular can be found here.
The FCA’s updates on the TPR can be found here.
The FCA’s Consultation Paper 20/20 can be found here.