Beyond Brexit

Issue 1168 / 14 July 2022

Overview

  • Temporary permissions regime - FCA updates webpage on rules

Financial Conduct Authority

Temporary permissions regime - FCA updates webpage on rules - 14 July 2022

The FCA has updated its webpage on the rules that apply to firms in the temporary permissions regime (TPR) and fund operators in the temporary marketing permissions regime (TMPR), to clarify the disclosure requirements for EEA undertakings for the collective investment in transferable securities (UCITS).

The FCA confirms that the exemption from the requirement for EEA UCITS to produce a key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs KID) applies to both EEA UCITS recognised under section 272 FSMA and those recognised under the TMPR. This means, when being marketed to retail investors in the UK, these EEA UCITS must produce a UCITS key investor information document (KIID). The exemption lasts until 31 December 2026.

The FCA also notes that the TMPR is due to end of 31 December 2025. It is engaging with HM Treasury on the disclosure requirements that would apply in the event of an equivalence decision under the UK overseas fund regime.

Updated webpage