The documents linked to on this page set out the full legal effect of the Temporary Transitional Power (TTP)[1].
To understand the legal framework of the TTP, firms should read:
- our main transitional directions[3] as well as:
- the FCA prudential transitional direction[7], including its Annex on page 10
- our transitional direction for the Share Trading Obligation[8] as well as
Annex A to the main FCA transitional directions sets out how the TTP applied and where it did not apply to primary and secondary legislation, including BTS. Given the complexity of the legislative framework and the effect of the TTP on law, it is necessary to set out what modifications are made to the law in some detail.
Annex B to the main FCA transitional directions sets out how the TTP applied and where it did not apply to FCA rules. The TTP did not apply to rules that apply only to temporary permission firms (including Part 6 financial services contracts firms) and temporary marketing permission managers etc. However, the rules themselves include provision to ensure that the transition is smooth.
The TTP did not apply to various FCA rules, including:
- FEES rules and levies rules applying to the temporary permission regime and various rules in: PRIN, GEN, MIPRU, IPRI(INV), COBS, ICOBS, MCOB, BCOBS, CASS, MAR, SUP, COMP, COLL, CONC, FUND, LR, PRR, DTR
- rules referring to UCITS management companies specified in Annex B
To see the links to our previous draft transitional directions, annexes and explanatory note, go to the previous TTP updates[10] page.