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Open Banking body urges UK firms to prepare for no-deal Brexit

April 3, 2019

Via: Finextra
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In order to remain part of Open Banking these EEA participants will need to ensure that they have made a Temporary Permissions Regime (TPR) notification to the Financial Conduct Authority (FCA) by 11 April 2019.

In the event of a no implementation period when the UK withdraws from the EU, the UK will be deemed a ‘third-country’ by the latter, meaning EEA firms will no longer be able to passport into the UK. The TPR was created in 2018 by the FCA to help firms that passport into the UK (including banks, payment and e-money institutions) to continue operating if the passporting regime falls away abruptly during this period.

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