in relation to:
1CASS 14 does not apply in relation to a TP firm’s activities which are carried on other than in reliance on its temporary permission. It only applies in relation to the part of its Part 4A permission that the TP firm is treated as having under regulation 8, 11, 28 or 34 of the EU Exit Passport Regulations.
For example, where a TP firm had Part 4A permission immediately before IP completion day2 to act as trustee or depositary of an AIF or to act as trustee or depositary of a UCITS, and continues to hold that permission, the rules applying to activities under that part of its Part 4A permission are not affected by its temporary permission because of GEN 2.2.26R(1) (see also the guidance at GEN 2.2.37G(3)). In relation to those activities, it should continue to comply with the applicable rules in CASS. It may also consider making the election at CASS 14.3.6R in relation to its activities that are carried on in reliance on the TP firm’s temporary permission.