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TP ICAP Says Not Yet Possible To Complete Relocation Of Staff To EU 27

TP ICAP plc (IAPLF.PK,IAPLY.PK,IAP.L) said that, as part of its Brexit readiness plan, it has established and capitalized a new authorized subsidiary in France, TP ICAP Europe S.A., to undertake the Group's broking business in EU 27 member states.

However, 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, 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, the company said.

TP ICAP has confirmed its commitment to complete the relocation of staff to the EU 27 and the local hiring of staff in the EU-based offices of TP ICAP Europe at the earliest opportunity.

TP ICAP's UK-based authorized 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 said it does not expect any material impact on the Group's global broking business or its financial results as a result of the changes, including any temporary reduction of services provided to clients based in the EU 27.

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