FCA License (EEA Authorised)
The Australian securities and investment commission (ASIC) was established in 2001 under the Australian securities and investment commission act (ASIC act).
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EEA Authorised
The term “EEA Authorised” refers to firms based in the European Economic Area (EEA) that were previously permitted to operate in the UK under the passporting regime, allowing them to provide financial services across EEA countries without requiring separate authorization in each jurisdiction.
Following the UK’s departure from the European Union, the passporting regime ceased to apply. To facilitate a smooth transition, the UK introduced temporary measures:
- Temporary Permissions Regime (TPR): This regime allowed EEA-based firms to continue operating in the UK for a limited period while seeking full FCA authorization. The TPR concluded on 31 December 2023, and firms that did not secure UK authorization exited the UK market.
- Financial Services Contracts Regime (FSCR): The FSCR enables EEA firms without UK authorization to wind down their UK operations in an orderly manner. Firms in the FSCR are not permitted to engage with new UK clients and must exit the UK market upon completing the wind-down process.
EEA firms that intended to continue their UK operations were required to apply for full FCA authorization. The application process involves a comprehensive assessment by the FCA, evaluating factors such as business model, governance, financial resources, and compliance with UK regulatory standards.
Consumers engaging with financial services should verify whether a firm is authorized by the FCA. The FCA’s Financial Services Register provides information on a firm’s authorization status, ensuring that consumers are protected under UK regulations.
