Financial Institutions and Markets

Potential Impact of Brexit on the Irish Asset Management Industry - Passporting

On 23 June 2016 the electorate in the UK voted to exit the European Union (EU).

Asset management is an area which is heavily regulated at EU level and there is now great uncertainty surrounding what will happen to the UK's asset management offering.

The three major regulatory regimes affecting the asset management industry in the EU are:

  1. The Undertakings for Collective Investment in Transferable Securities Directive (UCITS) which governs collective investment schemes open to retail investors;
  2. The Alternative Investment Fund Managers Directive (AIFMD) which governs collective investment schemes which invest in alternative asset classes; and
  3. Markets in Financial Instruments Directive (MiFID) which governs investment firms.

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