EU warns UK asset managers to prepare for 'legal repercussions' of Brexit

Industry facing 'considerable uncertainties'

Mike Sheen
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UK AIFs and UCITS will be reclassified as third country AIFs post-Brexit
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UK AIFs and UCITS will be reclassified as third country AIFs post-Brexit

The European Commission (EC) has told UK-based asset managers they must prepare for all Brexit scenarios, with the industry facing "considerable uncertainties" as the country prepares to leave the bloc.

In a letter written by the EC's Directorate-General for Financial Stability, Financial Services and Capital Markets Union, seen by Investment Week, asset managers were told "preparing for the withdrawal is not just a matter for EU and national authorities but also for private parties". It said: "In view of the considerable uncertainties, in particular concerning the content of a possible withdrawal agreement, stakeholders, including managers of investment funds and investors are reminded of legal repercussions which need to be considered when the United Kingdom becomes a third country." ...

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