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Opalesque Geneva:

The end of the UK FCA's Temporary Transitional Power (TTP), on 31 March 2022, is of particular interest to AIFMs marketing funds in the UK and UK portfolio managers of AIFs (alternative investment funds), reports Optima Partners, a business management consultant in London. As of next month, financial services firms and other regulated entities will need to ensure that they comply with all UK on-shored EU legislation.

When the UK left the EU, it on-shored much of the EU legislation and regulatory requirements to ensure that that worked under the UK's national regime, explains law firm Simmons and Simmons. As part of this process, the Treasury gave the FCA power to make transitional provisions to the UK financial services legislation for a temporary period.

The on-shored regulatory obligations have applied since the end of the transition period (31 December 2020), which followed the UK's departure from the EU.

The TTP granted temporary relief from the requirement for full compliance in the areas where it was applied. So firms could continue to comply with their pre-existing requirements but were expected to use the T......................

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