The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the potential impact of Brexit on asset managers and investment funds and key steps they can take to prepare for the end of the Brexit transition period.
The main EU regulatory regimes which regulate asset management and investment funds (the Relevant Regimes) are:
the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD)
the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC
the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II)
During the current ‘Brexit transition period’ (implementation period) the Relevant Regimes, and associated marketing and management passports rights, apply in the UK. The European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020) onshores and preserves most EU and EU-derived law relating to the Relevant Regimes as it stands immediately before the end of the implementation period, which is due to end on 31 December 2020 (IP completion day).
If the UK and the EU fail to reach an agreement that will cover the Relevant Regimes by the end of the implementation period (IP completion day), the UK will trade with the EU as a third country on World Trade Organization (WTO) terms. Given that WTO rules barely cover trade in services, this would effectively mean a ‘no-deal Brexit’ for financial services, including
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note
What is 'discontinuance'?Discontinuance is the means by which a claimant can bring all or part of the proceedings it has instigated to an end.A claimant has a right to discontinue all or part of a claim at any time.Where proceedings are brought to an end without an order or judgment from a court, eg
The procedure for making an application to stay proceedings due to abuse of process is governed by the Criminal Procedure Rules 2015 (CrimPR), SI 2015/1490, r 3.20. For more information, see Practice Note: Abuse of process procedure.Staying a prosecution for abuse of processThe principle of abuse of
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.