Impact of Brexit: AIFMD—quick guide
Impact of Brexit: AIFMD—quick guide

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

  • Impact of Brexit: AIFMD—quick guide
  • Overview of onshored and preserved EU-derived law post IP-completion day
  • Relevant retained EU law and UK legislation—AIFMs
  • Key changes introduced by the AIFMD Exit Regulations
  • The meaning of ‘AIF’
  • Naming conventions—UK versions of EuSEFs, EuVECAs and ELTIFs
  • Reporting on portfolio companies and asset stripping provisions
  • Transfer of functions performed by EU institutions to appropriate UK bodies
  • The third-country passport
  • Information sharing and co-operation
  • More...

This Brexit Alternative Investment Fund Managers Directive 2011/61/EC (AIFMD) quick guide details current UK legislation and retained EU legislation relating to alternative investment fund managers (AIFMs) that are amended and/or revoked by the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/328 (the AIFMD Exit Regulations), and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance.

The below summary sets out arrangements in relation to onshoring EU rules for AIFMs after the Brexit implementation period. For further practical guidance on Brexit preparations by asset managers and investment funds, including the impact of Brexit on delegation by AIFMs, see Practice Note: Impact of Brexit on asset managers and investment funds.

Overview of onshored and preserved EU-derived law post IP-completion day

The AIFMD Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The AIFMD Exit Regulations form part of the process of domesticating (‘onshoring’) EU law to ensure legal continuity following the UK’s exit from the EU. EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the

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