CySEC extends the deadline for its Brexit-related Temporary Permissions Regime

On 28 January 2021, CySEC announced an extension of the deadline for the submission of notifications by UK firms who wish to make use of the Cypriot Temporary Permission Regime (TPR).

Under the revised timings, UK MiFID firms impacted by the loss of the MiFID passport under Brexit must now submit notifications to CySEC to make use of the TPR on or before 28 February 2021.

The extension is somewhat predictable given that CySEC released the original TPR rules at the eleventh hour (on 22 December 2020) requiring firms to submit notices before the end of the year. Many firms missed the deadline and the extension to the end of February is therefore a welcome development.

CySEC’s press release can be found here.

Our previous blog post on the Temporary Permissions Regime can be found here.