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

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

  • Impact of Brexit: UCITS—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • Relevant retained EU law and UK legislation—UCITS
  • Key changes introduced by the UCITS Exit Regulations
  • Naming convention—UK versions of UCITS
  • Eligible investments of UCITS
  • Cash of UCITS
  • Depositaries, trustees, managers and operators of UK-authorised funds
  • Cross-border and domestic mergers
  • Information sharing and cooperation
  • 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 are 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 arrangements in relation to onshoring EU rules for UCITS 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 UCITS managers, see Practice Note: 10 key steps asset managers and investment funds should be taking to prepare for the end of the Brexit transition period.

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

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 (‘onshoring’) EU law to ensure legal continuity following the UK’s exit from the EU. EU(W)A 2018 was

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