UK Treasury clarifies that the scope of the proposed Temporary Permissions Regime (TPR) will be expanded to allow already registered umbrella funds to market additional sub-funds in UK post-Brexit.
In a welcome move for asset managers, the UK Treasury has published a clarification to the proposed TPR, which will come into effect in the event of a no-deal Brexit scenario.
The previous consultation on the TPR (October 2018) envisaged that only sub-funds already registered with the FCA for sale into the UK by exit date on 29th March 2019 would be able to avail of the TPR. It did not provide a framework for asset managers to launch and sell new product into the UK post-Brexit.
Further to the draft Statutory Instrument published by UK Treasury this week, the TPR will be available to funds (UCITS/AIFs) which are able to demonstrate that at least one other sub-fund in their umbrella has registered with the FCA and opted into the TPR before March 29 2019.
The draft instrument and accompanying explanatory memorandum are available here:
Draft S.I. - Clarification to TPR provisions December 2018 Explanatory Memorandum
If you have any questions in relation to the above please contact a member of the Foreign Registrations Team or your usual contact at Dillon Eustace.
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