Temporary Permissions Regime
We are writing to you to inform you of the consequences of Brexit on our business relationship. As you are probably aware, as a result of Brexit, the UK left the EU on the 31st of January 2020 and entered into a ‘transition period’, during which EU law and the MiFID pass-porting regime continued to apply in the UK, allowing us to provide the services for which we are authorized to from the Cyprus Securities and Exchange Commission (CySEC) in the UK. On December 31st, however, the ‘transition period’ will expire and from the 1st of January 2021 onwards, we will be offering our services to clients residing in the UK under the ‘Temporary Permissions Regime’ established by the Financial Conduct Authority (FCA).
The ‘Temporary Permissions Regime (TPR) will enable us to continue operating in the UK within the scope of our current CySEC permissions for a period of time after the end of the ‘transition period’. Under the TPR, the Company is deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
We trust that the above-mentioned information will be useful to you. We will keep you informed regarding any further developments in this matter. Should you have any questions, please do not hesitate to contact our Customer Support Department at [email protected].