Preparing for Brexit: UCITS—quick guide
Preparing for Brexit: UCITS—quick guide

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

  • Preparing for Brexit: UCITS—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—UCITS
  • Key changes introduced by the UCITS Exit Regulations 2019
  • Binding Technical Standards
  • FCA Handbook amendments
  • Impact of Brexit on UK UCITS
  • How will EEA UCITS be treated in the UK post-Brexit?
  • Temporary permissions regime (TPR)
  • Financial services contracts regime (FSCR)
  • more

UK preparations for Brexit

This Brexit Undertakings for Collective Investment in Transferable Securities 2009/65/EC (UCITS) quick guide details current UK legislation, retained EU legislation and FCA and PRA regulatory rules and guidance relating to UCITS that will be amended and/or revoked by the Collective Investment Schemes (Amendment Etc.) (EU Exit) Regulations 2019, statutory instrument (SI), SI 2019/325 (the UCITS Exit Regulations) in the event of a no-deal Brexit. The UCITS 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 UCITS 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 European Union (Withdrawal Agreement) Act 2020 received Royal Assent on 23 January 2020.

The new Withdrawal Agreement was signed on 24 January