Home / Regulatory Developments / Circular C262 (Regarding the Online FCA survey for entities that have inbound passports to the UK)

Circular C262 (Regarding the Online FCA survey for entities that have inbound passports to the UK)

Through the Circular, CySEC wishes to herein to draw the attention of the Regulated Entities which provide investment services in accordance with Articles 30, 35 and 36 of Law 87(I)/2017 (“the Law”), in the territory of UK, the following:

  1. UK Government announced that, if necessary it will legislate to provide a temporary permission scheme for EEA firms and funds passporting into the UK after the UK’s withdrawal from the EU. EEA firms and funds which receive a temporary permission would be able to take on new business and fulfil existing contracts with UK customers for a period of time after exit day, while seeking full authorisation in the UK.
  2. Firms and funds that would be authorised in the UK by the FCA, should notify the FCA before the UK exits the European Union, of their desire to benefit from the regime. The said notification process will be relatively simple and FCA will soon set out details on how the scheme will operate.
  3. Regarding the above, FCA has set up a 15 minute short online survey to help inform the Regulated Entities, accessible at https://www.fca.org.uk/eu-withdrawal/survey-eea-inbound-passported-firms.

CySEC’s expects that:  Regulated Entities wishing to benefit from such scheme, are encouraged to respond to the abovementioned survey.

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