On the 4 March 2021, the UK’s Financial Conduct Authority (“ FCA”) updated its website with further guidance on the Temporary Permissions Regime (“ TPR”), which came into force at the end of the transition period on 31 December 2020. The guidance is relevant for EU incoming firms that made an application under the TPR in 2020 to continue operating on a cross-border basis in the UK and who are currently carrying out their UK business or marketing on this basis. As detailed in our previous note from November 2020, the UK established the TPR to enable firms and funds that relied on passporting into the UK under European legislation, to continue operating in the UK post-Brexit, providing those firms with limited temporary relief to operate without being authorised by the FCA.