Legal Updates

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.

DISCLAIMER: This document is for information purposes only and does not purport to represent legal advice. If you have any queries or would like further information relating to any of the above matters, please refer to the contacts above or your usual contact in Dillon Eustace.

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