Preparing for Brexit: AIFMD—quick guide
Preparing for Brexit: AIFMD—quick guide

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

  • Preparing for Brexit: AIFMD—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—AIFMs
  • Key changes introduced by the AIFMD Exit Regulations
  • Changes introduced by other SIs
  • Binding Technical Standards
  • FCA Handbook amendments
  • Impact of Brexit on marketing by UK AIFMs
  • How will EEA AIFs and UCITS and their managers be treated in the UK post-Brexit?
  • Temporary permissions regime (TPR)
  • more

UK preparations for Brexit

This Brexit Alternative Investment Fund Managers Directive 2011/61/EC (AIFMD) quick guide details current UK legislation, retained EU legislation and Financial Conduct Authority (FCA) regulatory rules and guidance relating to alternative investment fund managers (AIFMs) that will be 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 in the event of a no-deal Brexit.

The AIFMD Exit Regulations are part of HM Treasury’s programme of statutory instruments 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 EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 onshores and preserves most EU and EU-derived law as it stands immediately before the UK’s departure.

In October 2019, the UK government and the European Commission announced agreement in principle on the revised legal terms of the UK’s withdrawal from the EU, and in December 2019, after winning a majority in the UK general election, the government reintroduced the European Union (Withdrawal Agreement) Bill to the House of Commons. The Bill passed its second reading on 20 December 2019.

The new Withdrawal Agreement sets out the arrangements for UK withdrawal