Impact of Brexit: UCITS—quick guide
Impact of Brexit: UCITS—quick guide

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

  • Impact of Brexit: UCITS—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—UCITS
  • Key changes introduced by the UCITS Exit Regulations
  • Binding Technical Standards
  • FCA Handbook amendments
  • Impact of Brexit on UK UCITS
  • How will EEA UCITS be treated in the UK after IP completion day?
  • Temporary permissions regime (TPR)
  • Financial services contracts regime (FSCR)
  • more

This Brexit Undertakings for Collective Investment in Transferable Securities 2009/65/EC (UCITS) quick guide details current UK legislation and retained EU legislation relating to UCITS (and depositaries, trustees, managers and operators of UK-authorised funds that are not UCITS) that will be amended and/or revoked by the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 statutory instrument, SI 2019/325 (the UCITS 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 Brexit preparations and contingency plans in relation to onshoring EU rules for UCITS after Brexit. For further practical guidance on Brexit preparations by asset managers and investment funds, including the impact of Brexit on delegation by UCITS managers, see Practice Note: 10 key steps asset managers and investment funds should be taking to prepare for Brexit.

UK preparations for Brexit

The UCITS 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 UCITS Exit Regulations form part of the process of domesticating EU law to ensure legal continuity following the UK’s exit from the EU.

EU(W)A 2018 was subsequently amended by the European