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    BoE Publishes Updates on the Temporary Permissions Regime Under Brexit

    January 24, 2019

    BoE published the interim lists of third-country central counterparties, third-country central securities depositories, and European Economic Area systems that will enter into the various temporary or transitional arrangements on exit day if the UK leaves EU with no implementation period.

    Additionally, BoE provided the following updates related to the temporary permissions regime (TPR):

    • TPR Notification form is now available on the FCA Connect system. Firms that choose to enter the TPR by notifying PRA should make their notification using the form available on the FCA Connect system from January 07, 2019 and March 28, 2019. 
    • BoE published a note that clarifies the interaction between the PRA and FCA proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the TPR. In particular, this note includes a set of Frequently Asked Questions on how the two sets of proposals would apply to dual-regulated, European Economic Area firms currently operating in the UK via an establishment passport through a branch. Compliance with the PRA requirements under SM&CR will not be a pre-condition of entry into the TPR.
    • BoE notified that HM Treasury confirmed in December 2018 that a statutory instrument would be laid prior to exit, allowing for the continuation of Gibraltarian firms’ deemed passporting rights.
    • European Economic Area pure reinsurers operating in the UK and intending to notify their intention to enter the TPR, but with no access to the FCA Connect system, should contact PRA.

     

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    Keywords: Europe, EU, UK, Banking, Insurance, Securities, FMI, Brexit, SM&CR, Third Country Equivalence, Temporary Permissions Regime, PRA, FCA, BoE

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