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.

SUP TP 12 Transitional provisions relating to tied agents

1

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

12.1

SUP 12

R

(1) This rule applies to a MiFID investment firm in respect of a tied agent that is not an appointed representative and is not an FCA registered tied agent because it is established in an EEA State.

(2) A MiFID investment firm must not appoint a tied agent referred to in (1), or allow such an agent to continue to act for it, unless it accepts, or has accepted, responsibility in writing for the agent’s activities in acting as its tied agent.

Three years starting with the first day after IP completion day2

IP completion day2

12.2

SUP 12.5.8R, SUP 12.6.15R, SUP 12.7.9R, SUP 12.8.6R and SUP 12.9.5R

R

(1) This rule applies to a MiFID investment firm in respect of a tied agent that is not an appointed representative and is not an FCA registered tied agent because it is established in an EEA State.

(2) The rules in column (2) apply to the appointment referred to in (1) as if the reference in those rules to an FCA registered tied agent included reference to a tied agent of the type referred to in (1).

Three years starting with the first day after IP completion day2

IP completion day2

12.3

SUP 12

G

The transitional provisions in (1) and (2) above reflect the three-year transitional period provided by Regulation 13(8) - (10) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.

Three years starting with the first day after IP completion day2

IP completion day2