The Temporary Permission Regime (TPR) allowing capital markets participants in the European Economic Area (EEA) to continue to operate in the UK post Brexit will be withdrawn by the end of 2023, calling on firms that want to stay in the UK to gain full authorisation from the FCA and prepare to comply with both UK and EU regulatory reporting obligations.
While the theory of post-Brexit regulatory divergence is widely acknowledged, the pending end of the TPR means the time is now to address the practicalities. EEA firms operating in the UK need to expand existing reporting frameworks to ensure they are using FCA data to meet UK reporting obligations and ESMA data to satisfy EU requirements.
They must also consider the consequences of regulatory change, such as the FCA’s plans to widen the gap between UK regulation and the EU’s Markets in Financial Instruments Directive II (MiFID II).
This webinar will discuss the challenges of compliance across two reporting regimes, the burden of additional data sourcing and management, and potential solutions to the problem, including data products provided by SmartStream’s Reference Data Utility.
You will find out more about:
- How to maintain operations in the EU and UK
- Challenges of reporting to both regulatory regimes
- Practical steps to achieve ongoing compliance
- Solutions offering required regulatory reporting data
- Benefits of getting it right, penalties of getting it wrong