CP19/2: Brexit and contractual continuity

Read CP19/2 (PDF)[3]

The FSCR will work alongside the temporary permissions regime[4], which enables inbound EEA firms to access the UK market while seeking full authorisation in the UK.

The FCSR allows EEA firms to conduct an orderly exit from the UK market by running off regulated business. The FSCR will apply automatically to EEA firms who have regulated business in the UK to run off, and either: 

• do not enter the temporary permissions regime, or
• exit the regime without full UK authorisation

This paper sets out:

• details of the FSCR
• the rules we propose to apply to firms during the regime

Who this applies to

Who needs to read this paper:

• EEA firms that are passporting into the UK under the Financial Services and Markets Act 2000 (FSMA) and Treaty firms
• EEA electronic money and payment institutions and registered account information service providers passporting into the UK

Who else might be interested in this document:

• current and prospective customers of firms that currently passport into the UK
• advisers of firms that passport into the UK