FCA Survey For EEA Inbound Passported Firms

The FCA has published a short online survey for completion by investment firms and fund managers that passport into the UK (via a branch or on a cross border services basis) or market funds into the UK ("Firms").

This stems from the UK Government's announcement in December 2017 that, if necessary, it will legislate to provide a temporary permission scheme for such Firms after Brexit day, being 29 March 2019. It is envisaged that this would enable Firms to enter into new business and fulfil existing contracts with UK customers for a period after Brexit day, while seeking full authorisation in the UK.

As a pre-legislative step, the online survey requires Firms to identify the directives under which they are passporting in to the UK and their intentions around accessing the UK market following the UK's withdrawal from the EU. Pending HM Treasury's legislation, the information provided will contribute to the overall design of the scheme and the authorisation process.