BoE Extends Notification Period for TPR Under Brexit

Additionally, BoE published a supplementary PRA Direction that clarifies the position where a firm that has submitted a notification to enter the TPR wants to withdraw its notification before exit day. If a firm withdraws its notification in writing before exit day then the firm will not enter the TPR. The European Economic Area firms that were passporting prior to exit day and do not enter the TPR may enter the Financial Services Contracts Regime (FSCR) automatically on the exit day if they require authorization in the UK to continue servicing their contracts. 

Related Links

• Notifications
• PRA Direction (PDF)
• TPR Webpage
• FSCR Webpage

Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Temporary Permissions Regime, Notification Period, PRA Direction, PRA, BoE