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UK to provide 'temporary permissions' to ease asset manager Brexit transition

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UK to provide 'temporary permissions' to ease asset manager Brexit transition

The U.K. intends to allow EU asset managers and mutual funds to operate in Britain for some time following Brexit even if no trade deal is in place.

In a statement, the Financial Conduct Authority said that, if required, the government would put in place a "temporary permissions" regime that would allow firms to carry on their regular business.

This will mitigate the risk associated with firms suddenly losing permissions.

Those firms that are regulated solely by the FCA only need to inform the regulator of their interest in the regime prior to the day Britain leaves the EU, and need not apply for authorization.

Firms based in the U.K. and serving clients in the EEA should continue preparing for various scenarios, and also discuss those arrangements and the implications of an implementation period with relevant EU regulators.

The regulator will communicate further details of its approach in 2018.