TIDMTCAP
RNS Number : 6897M
TP ICAP PLC
25 January 2021
TP ICAP PLC
25 January 2021
TP ICAP plc ("TP ICAP" or the "Group")
Update on Brexit Readiness Plan
In the prospectus published by TP ICAP plc dated 7 January 2021
in connection with its proposed rights issue (the Rights Issue
Prospectus) and the prospectus published by TP ICAP Group plc dated
7 January 2021 in connection with the proposed re-domiciliation of
the Group to Jersey (the Re-domiciliation Prospectus, and together
with the Rights Issue Prospectus, the Prospectuses), it was stated
that, "Following discussions with its lead regulators, the Group
believes that, as a temporary measure, those lead regulators will
allow the Group to continue to provide services to clients based in
the 27 countries of the EU using London-based brokers acting on
behalf of its UK-regulated entities, in order to support the
stability and connectivity of the markets".
Following publication of the Prospectuses, on 22 January 2021,
TP ICAP's regulators in France, the AMF and the ACPR, published a
statement in respect of brokerage firms addressing Brexit
implementation issues (the Statement). In the Statement, the AMF
and the ACPR:
-- noted that, as of 1 January 2021, EU law is no longer
applicable in the UK and that European regulations no longer allow
for the supply of investment services into the EEA through brokers
located in the UK and acting on behalf of a UK entity;
-- noted that entities located in the UK that wish to provide
investment services into the EEA should establish an authorised
branch or subsidiary there, which must have sufficient staff to
ensure prudent risk management and effective supervision of their
activities;
-- set out their expectation that entities complete relocation
plans that are being implemented as soon as possible and finalise
transfers of persons who have not yet been relocated; and
-- pointed out that an entity providing investment services in
the EEA without proper approval or in accordance with the limited
exceptions provided in national law is at risk of administrative or
criminal prosecution under the law of each Member State.
As stated in the Prospectuses, as part of its Brexit readiness
plan, TP ICAP has established and capitalised a new authorised
subsidiary in France, TP ICAP Europe S.A. (TPIE), to undertake the
Group's broking business in EU 27 member states (the EU 27).
However, due partly to the extraordinary circumstances relating to
the COVID-19 pandemic, in particular relating to stay-at-home
orders and travel restrictions currently in effect, it has not yet
been possible to complete the relocation of staff to the EU 27 or
the local hiring of brokers in the EU-based offices of TPIE as
quickly as originally planned. In response to the Statement, TP
ICAP confirms its commitment to complete the relocation of staff to
the EU 27 and the local hiring of staff in the EU-based offices of
TPIE at the earliest opportunity.
Following the loss of the EU passporting rights, TP ICAP's
UK-based authorised subsidiaries no longer have the full scope of
necessary regulatory permissions to service all clients based in
the EU 27. TP ICAP's UK-based authorised subsidiaries continue to
service clients based in certain EU 27 member states where possible
under available temporary permission regimes, existing third
country access rights, or as otherwise permitted by applicable laws
and regulations.
TP ICAP believes that the successful implementation of its
Brexit readiness plan will ensure a robust and sustainable future
operating platform for servicing EU 27-based clients,
notwithstanding the fact that the regimes for the cross border
provision of financial services from the UK to the EU 27 may evolve
further during 2021.
TP ICAP does not expect any material impact on the Group's
global broking business or its financial results as a result of any
of the matters disclosed above, including any temporary reduction
of services provided to clients based in the EU 27.
TP ICAP confirms that supplementary prospectuses in respect of
the Rights Issue Prospectus and the Re-domiciliation Prospectus
will be submitted to the Financial Conduct Authority (the FCA) for
approval and, once approved by the FCA, will be published and made
available on the Company's website, free of charge, at
www.tpicap.com/investors and at the Company's registered office at
Level 2, 155 Bishopsgate, London, EC2M 3TQ, United Kingdom. The
Group expects the rights issue and re-domiciliation to proceed on
the timetables set out in the Prospectuses.
For further information:
Analysts and investors:
-- Al Alevizakos, Head of Investor Relations
Mobile: +44 (0) 79 9991 2672
E-mail: Alevizos.Alevizakos@tpicap.com
Media:
-- William Baldwin-Charles, Media Relations Director
Mobile: +44 (0) 78 3452 4833
E-mail: William.Baldwin-Charles@tpicap.com
-- Neil Bennett, Maitland
Direct: +44 (0) 20 7379 5151
E-mail: tpicap-maitland@maitland.co.uk
About TP ICAP:
-- TP ICAP brings together buyers and sellers in global
financial, energy and commodities markets.
-- It is the world's largest wholesale market intermediary, with
a portfolio of businesses that provide broking services, data &
analytics and market intelligence, trusted by clients around the
world.
-- We operate from offices in 26 countries, supporting
award-winning brokers with market-leading technology.
Further information on TP ICAP and its activities is available
on the Company's website: www.tpicap.com/investors
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