With the UK having left the EU on 31 January 2020 and the Brexit transition period having ended on 31 December 2020, UK (as well as global) businesses must navigate the complexities of the post-Brexit environment to ensure uninterrupted services to their business in the short and long term. Furthermore, as some firms including banks move (at least part) of their businesses to Europe, businesses want to know they can rely on their banking partners to continue operating as normal within the UK.
UK Temporary Permissions Regime (TPR)
The UK Temporary Permissions Regime (TPR) enables relevant European Economic Area (EEA) firms that were passporting into the UK to continue operating in the UK for a limited period of up to three years (until end of 2023) while they seek permanent authorisation from the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). Since January 1st 2021, BNP Paribas SA has continued to operate in the United Kingdom through its London branch under the Temporary Permissions Regime (TPR) and is able to continue providing financial services from the UK to non-EEA and UK clients.
BNP Paribas SA (BNP Paribas) is incorporated in France and previously operated in the UK through a branch using EEA passporting rights to perform regulated activities. These passporting rights ceased at the end of the Brexit transition period at 11:00pm (London time) on 31 December 2020. BNP Paribas entered the UK Temporary Permissions Regime (TPR) provided for in UK legislation from this date.
BNP Paribas has submitted its application to be authorised in the UK as a Third Country Branch to the ECB and the UK regulators. Approval from the ECB for the authorisation of BNP Paribas London branch was received in March 2019, while the UK regulators’ assessment is ongoing. BNP Paribas has taken the relevant steps to ensure our continued authorisation in the UK from the end of the transition period, and can continue to service our clients without disruption. The bank stands by its clients in this key market and will continue working with them further in the post Brexit world.
Client coverage and support
As a result of entering the TPR, certain additional PRA and FCA rules and certain UK-onshored EU legislation now apply to banks and the services they provide from the UK.
BNP Paribas is fully committed to its clients and ensuring continuity of service. The bank continues to service UK clients and is able to service EEA clients from its well-established Continental Europe locations, and does not expect the location from which we service non-EEA clients to change as a result of Brexit.
BNP Paribas is open for business and operating in full ‘Business As Usual’ (BAU) mode. BNP Paribas has supported businesses in the UK for over 150 years and the bank’s long-term commitment to the UK market remains steadfast.
“We are strong in the UK, we are strong in Continental Europe and are well placed to continue to meet our clients’ needs through all market developments”, commented Arne Groes, Head of Global Markets UK at BNP Paribas.
Contact your dedicated BNP Paribas team for more information and advice