Asset Management & Investment Funds Q&A - Dec 2020

Question

What is the latest update on Brexit?

Answer

Notification requirements for UK investment managers acting for Irish entities following the end of the Brexit transition period 

The Central Bank of Ireland (CBI) confirmed that UK investment managers currently acting as discretionary investment managers to Irish collective investment schemes can continue to do so after the end of the Brexit transition period. While these UK investment managers will not be required to seek any new approval in order to continue acting in this capacity, they will be required to notify the CBI in relation to the change in their regulatory status following the end of the Brexit transition period. Such a notification may be made after the change in regulatory status rather than in advance.  

For new appointments to act as discretionary investment manager to Irish collective investment schemes after the end of the Brexit transition period, UK investment managers will be considered as non-EU investment managers and will be subject to a full clearance process by the CBI in advance of any such new appointments.

Marketing of AIFs in Ireland by UK AIFMs

The CBI provided a note regarding the treatment of marketing of AIFs in Ireland by UK AIFMs. This note contains multiple Q&As covering different scenarios of marketing AIFs into Ireland by UK AIFMs following the end of the Brexit transition period.

You can access our Brexit: Investment funds toolkit here.                .

For more information in relation to this topic please speak with your usual contact on the A&L Goodbody Asset Management & Investment Funds team.

Date published: 17 December 2020