Asset Management & Investment Funds Q&A - Jan 2021
Question:
What is the latest update on the impact of Brexit, in particular for Irish authorised UCITS and QIAIFs with UK management companies and investment managers?
Answer:
An EU-UK trade and cooperation agreement (the TCA), was concluded on 24 December 2021 and is provisionally applicable since 1 January 2021. The TCA covers financial services in broad terms but not any decisions related to equivalence for financial services. The EU and the UK have stated an intention to aim to agree by March 2021 a Memorandum of Understanding establishing a framework for regulatory cooperation on financial services.
Our Asset Management & Investment Funds team has prepared two reference notes.
A guide for Irish authorised UCITS and QIAIFs with UK management companies and investment managers. This includes an up to date Central Bank of Ireland position on its expectations for UK investment managers of Irish authorised funds. We outline issues where an Irish UCITS or QIAIF has a UK AIFM, a UK investment manager, markets to UK investors and has investments exposed to the UK.
A reminder of other frequently encountered Brexit issues: This includes UK resident directors and designated persons. We outline data transfer considerations, anti-money laundering points and the position for UK funds marketing into Ireland.
For more information please contact a member of the Asset Management & Investment Funds team.
Date published: 29 January 2021