Square Mile receives it's temporary Post Brexit permissions from the FCA, if required.

Square Mile receives it's temporary Post Brexit permissions from the FCA, if required. Please see the extract below from the confirmaton email from the FCA:

 

The FCA considers that Square Mile Financial Services s.r.o. (the ‘Firm’) has notified the FCA, in accordance with the direction made by the FCA under regulation 14(2) of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (the ‘TPR Regulations’), that the Firm wishes to be treated in accordance with regulation 8 of the TPR Regulations. The FCA therefore confirms that regulation 8 is to apply to the Firm. 

The TPR Regulations provide that regulation 8 will apply for a period beginning at exit day (11pm on 29 March 2019). 

During the period that regulation 8 applies the Firm will be treated as if it has permission under Part 4A of the Financial Services and Markets Act 2000 (the “2000 Act”) to carry on in the United Kingdom the regulated activities which, immediately before exit day, the Firm is authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of that Act.

During the period when regulation 8 of the TPR Regulations applies to the Firm, the Firm must notify the FCA if: 

• any information contained in or accompanying the notification changes; and/or 

• an authorisation by the Firm’s home state regulator is cancelled or varied. 

Further information about the TPR, can be found at https://www.fca.org.uk/brexit/temporary-permissions-regime

The FCA understand that, in the event that the Withdrawal Agreement is ratified and UK legislation being enacted to give effect to that implementation period, the Government intends to legislate so that the temporary permissions regime would not take effect at 11pm on 29 March 2019. 

Yours sincerely, 

Financial Conduct Authority