Get ready for the EU 27 single market
The fund industry will also face its share of challenges. The loss of their EU passports will mean that UK UCITS management companies and AIF managers will have to be treated as third-country AIF managers. They will no longer be allowed to manage and market funds in the EU. Unless targeted member states decide to allow such activities under a discretionary national private placement regime, local authorization will have to be obtained. And as the UCITS and AIFs authorized or registered in the UK will be non-EU AIFs, this also means that EU 27 management companies managing them will have to seek specific authorization to manage this type of fund.
Inside Magazine issue 18, June 2018
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