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
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Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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