Ocaso remain firmly committed to the UK market, whatever happens with Brexit
The UK has put in place a temporary permissions regime (TPR) whereby branches of EU firms in the UK carrying out business through Freedom of Establishment (FOE) or Freedom of Services (FOS) passporting will be able to continue to operate for a limited period. It allows firms that wish to continue carrying out business in the UK in the longer term to operate in the UK for a maximum of three years after withdrawal while they seek authorisation from UK regulators.
Ocaso has been included by the PRA and FCA in the TPR and therefore has a deemed permission to continue to operate in the UK while Ocaso is seeking authorisation from UK regulators to accommodate its regulatory status to this new environment. This change in regulatory status will have no impact on our customers and we will be changing our relevant documentation to reflect the change in regulators in due course.
It is important to note that Ocaso is already seeking clearance from UK regulators as a third-country branch. We are dealing with the PRA to ensure that direct authorisation for the UK will be a smooth process.