The Permissions regime allows for the issuance of a permission to carry out specific regulated activities to firms.
This does not affect any regulated activity that firms are currently carrying out as existing licences and services will be mapped across to the permissions and regulated activities. The GFSC will advise firms of the permission and regulated activity granted and this will be reflected on the GFSC regulated entities register.
Once the Financial Services Act is enacted and the permissions come into effect, firms will be grandfathered into the new regime. The GFSC will communicate details of your permission and regulated activities. This information will also be reflected on the GFSC’s registered entities register.
Firms will be given the opportunity to query any discrepancies and advise us whether they are still carrying out the regulated activities.