Menu Close

FCA consultation CP 20/20: our approach to international firms

FCA consultation CP 20/20: our approach to international firms

Background

  • CP 20/20: “Our approach to international firms”; published by the FCA on 24 September 2020
  • The FCA has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK.
  • The final document the FCA produces following the consultation will help firms structure their business to provide financial services in the UK and to understand our authorisations approach.
  • The window for EEA-based firms, that have not already done so, to notify the FCA that they wish to use the temporary permissions regime (TPR) will re-open at 9am 30 September 2020.
  • Firms that have already submitted a notification need take no further action.

Impacts

The consultation is relevant for EEA firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime.

It is also relevant for firms from non-EEA countries that have applied or intend to apply for authorisation in the UK or are already authorised in the UK.

There are currently over 1,500 firms and around 600 funds registered with the FCA for the Temporary Permissions Regime.

https://www.fca.org.uk/publications/consultation-papers/cp20-20-our-approach-international-firms

This Consultation Paper CP20/20 sets out the FCA’s proposed approach for international firms providing or seeking to provide financial services that require authorisation.

The FCA states that it does not propose to change existing rules or provisions.  The FCA wants to explain and hear views on its planned assessment of international firms against minimum standards.

Timeline with relevant dates to be logged on regulatory calendar

  • Consultation opens on 23 September 2020
  • Consultation closes on 27 November 2020

Next steps

Any respondents need to send their comments to the FCA as explained in the consultation document.