Alan Keating
Managing Director
Compliance and Regulatory Consulting
Dublin
Alan KeatingCompliance and Regulatory Consulting
Once the United Kingdom has left the European Union, the EU rules relating to the field of asset management, most notably the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers (AIFM) Directive, will no longer apply to UK firms. The European Commission has issued a notice to stakeholders in the asset management industry on some of the key legal and regulatory repercussions arising from the UK becoming a “third country” following Brexit. While the notice acknowledges that there are currently “considerable uncertainties”, particularly in relation to a finalized withdrawal agreement and any transitional arrangements that may be contained therein, the notice is clear that the potential impact of Brexit on asset managers’ businesses is seismic. Now is the time to start preparing for it. UK UCITS management companies and UK AIFM will no longer benefit from the “EU passport” and will in each case be treated as third-country AIF managers. Consequently, those UK entities will no longer be able to manage funds and market funds in the EU on a cross-border basis using their current passport. It also means that, in the absence of some other arrangements, UK managers and funds may be treated like US or offshore managers in Europe. With the EU passport denied to them, UK businesses will be subject to the vagaries of the NPPR (private placement) regime in each EU country; a less than reliable and sustainable EU distribution strategy.
How Duff & Phelps can help
Our multi-jurisdictional teams will work with your firm to provide scenarios, solutions and actions points to deal with Brexit; providing assurance to your business and your investors.
Our services and expertise include:
Duff & Phelps’ global team of experts operate seamlessly across borders to provide our clients with cross-jurisdictional advice and integrated expertise. Our unique focus on financial services, industry recognized professionals and "one-team" approach allows us to deliver seamless service, relevant guidance and extensive insight to help our clients overcome the challenges they face.
Local and global compliance expertise for the financial services industry.
Compliance and Regulatory ConsultingGlobal tax services uniquely customized for asset managers.
Regulatory Tax AdvisoryComprehensive compliance and regulatory support for FCA authorized firms.
UK RegulationAdvising investment companies in setting out and implementing governance, risk management, compliance and internal controls.
French RegulationInfrastructure, staff and supervision for AIFM/UCITS ManCo duties.
Management Company ServicesValuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Valuation AdvisoryObjective valuations for financial reporting, tax and management planning purposes.
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