February 26, 2019

BREXIT : Transitional FCA License Approved

Highlights

  • Transitional Authority to operate in the UK Granted
  • Company not impacted by BREXIT

London, 26th February 2019: iSignthis Ltd (ASX: ISX | FRA: TA8) (“The Company”) is pleased to announce that it has made preparations for BREXIT for its 100% owned EEA operating entity, iSignthis eMoney Ltd (the ‘Firm’).

iSignthis eMoney Ltd has notified United Kingdom’s Financial Conduct Authority (FCA) that it wishes to be treated in accordance with the EU Exit Regulations 2018, with the direction made for Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions).

The FCA has confirmed that the Transitional Authorisation is to apply to the Firm. This means that the UK’s temporary permissions regime allows EEA-based firms like ours, currently passporting into the UK, to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation.

The Regulations provide that Transitional Authorisation will apply for a period beginning at (BR)exit day (11pm on 29 March 2019), unless BREXIT is delayed. Under such circumstances, the Firm’s existing EU freedom to operate and financial passport arrangements will continue until such time (if any) as a BREXIT event occurs.

The Firm will continue to offer Visa, Mastercard, JCB, and eMoney services, including IBAN based accounts post BREXIT.

For the official ASX announcement, click here.

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