UNITED KINGDOM: BREXIT

December 2020

The United Kingdom (UK) left the European Union on 31st January 2020. From that date until 31st December 2020, it was agreed that the UK could enter a transition period during which time the UK and EU would have an opportunity to revalue and negotiate the terms of their future relationship.

As the transition period ends, from 1 January 2021 360T will enter the UK Temporary Permissions Regime (TPR) as overseen and supervised by the UK regulator, the Financial Conduct Authority (FCA). This regime will allow 360T to continue doing business without disruption – and in time allow for 360T to obtain full authorisation as a regulated firm by FCA.

The TPR means that 360T clients, whether in the UK or elsewhere, can continue to conduct their transactions via 360T trading systems as normal.

The only immediate change from 1 January 2021 will be for those UK clients who trade on 360T’s Multilateral Trading Facility (MTF). They will be asked to introduce a small change in the information to be provided to 360T to allow 360T to take over trade reporting on their behalf. In relation to Personally Identifiable Information (PII), MTF users with a UK nationality will be asked to provide a passport number.

The TPR is scheduled to operate for a maximum of 3 years. At some point during this period 360T will be invited by FCA to seek full UK authorisation. Although we do not expect UK authorisation to materially change how clients access and use 360T’s trading systems, we will of course keep our clients fully appraised of all development as and when they arise.