Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

GEN TP 6 Transitional provisions applying to GEN only - status disclosure for temporary permission firms

1(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

1

TP 6 2R and TP 6 3R.

G

The purpose of this transitional provision is to provide a period during which a TP firm can make arrangements to ensure it can comply with the status disclosure rules in GEN 4 that will apply to TP firms.

From IP completion day up to and including 31 March 2021.3

On IP completion day 3

2

The statutory status disclosures, as the case may be, in GEN 4 Annex 1B or Annex 1C that a TP firm has to comply with under GEN 4.3.1-A.

R

Subject to TP6 3R, a TP firm that is a PRA-authorised person or a TP firm that is an FCA-authorised person does not have to comply with the disclosures referred to in (2) during the period in (5).

From IP completion day up to and including 31 March 2021.3

On IP completion day 3

3

GEN 4.3.1 and the statutory status disclosures in GEN 4 Annex 1 and 1A that applied to incoming firms immediately before IP completion day2.

R

While TP 6 2R applies, a TP firm that is a PRA-authorised person or a TP firm that is an FCA-authorised person which does not comply with the statutory status disclosure rules referred to in TP 6 2R (2) must continue to comply with GEN 4.3.1 and, as the case may be, the status disclosure set out in GEN 4 Annex 1 or 1A that applied to it immediately before IP completion day2.

From IP completion day up to and including 31 March 2021.3

On IP completion day 3