Impact of Brexit on asset managers and investment funds
Impact of Brexit on asset managers and investment funds

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit on asset managers and investment funds
  • ‘Onshoring’ of EU funds and asset management regulatory regimes
  • Key ‘no-deal’ preparedness steps for asset managers and investment funds
  • Impact assessment
  • Regulatory permissions
  • Delegation/structures
  • Investor requirements for an EU manager/fund/regulated market
  • Fund documentation and offering documentation
  • Temporary permissions regime in the UK
  • EEA funds and managers marketing and managing funds in the UK
  • More...

This Practice Note considers the impact of Brexit on asset managers and investment funds and key ‘no-deal’ preparedness steps.

For an overview of Brexit-related Practice Notes, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. For more detailed information on the impact of Brexit on funds and fund managers, see Practice Notes: Impact of Brexit: AIFMD—quick guide and Impact of Brexit: UCITS—quick guide.

‘Onshoring’ of EU funds and asset management regulatory regimes

The main EU regulatory regimes which regulate asset management and investment funds (the Relevant Regimes) are:

  1. the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD)

  2. the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC

  3. the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II)

During the ‘Brexit transition period’ (implementation period) the Relevant Regimes (as implemented), and associated marketing and management passports rights, applied 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 stood immediately before the end of the implementation period, which ended on 31 December 2020 (IP completion day).

During the implementation period, the UK and the EU carried out negotiations with a view to entering into a free-trade agreement. On 24 December 2020, the UK and the EU entered into

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