UK and EEA regulators agree no-deal MoU

By: BVCA Newsletter, Friday, February 8, 2019

The FCA and ESMA have announced the agreement of a multilateral regulatory cooperation agreement (MoU) between the FCA and EEA regulators. An agreement of this nature is required under AIFMD for the UK to enjoy certain rights as a third country if there is no Brexit deal. Amongst the most important of these for our industry are: the right for EU firms to delegate portfolio management to UK firms; and the right for UK managers to market to EEA investors under those countries’ national private placement regimes (NPPRs), where possible. However, we have not seen the text of the MoU and it is currently unclear whether it covers all the areas we would expect or mirrors the bilateral agreements signed between EEA and third country regulators. Please contact Tom Taylor for further information.

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