Brexit & EU reform

The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and the Legatum Institute Special Trade Commission have produced a joint report which looks at how the new UK/EU partnership might work in the field of financial services. Please visit our dedicated page on this report here.

The Challenge of Brexit: How CMS is helping its financial institution clients across Europe and beyond
This brochure covers all FS sectors: insurance, banking and finance, payment services, securities and derivatives, funds and intermediaries etc. It describes the support available from CMS and the value added services available from RegZone. It lists the members of the financial services Brexit team from across CMS.

Access the full Reform Tracker

Status:

A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.

Latest Reports

  • Europe from space

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).

    However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

    The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

    To view and interactive version of the Guide click here or to download a copy of our Guide, please click here.

  • EU flag

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view and interactive version of the guide click here, to download our guide, please click here. 

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    We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non-EU managers and funds look to access EU investors.

    Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non-EU States. To view an interactive version of the Guide click here. Please click here to download the Guide.

  • City, London

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

  • UK and EU flags

    1.       FCA: Response to key comments from the independent panels' annual reports for 2018-19 FCA has published its response to key comments from the annual reports of FSCP, FCA PP, FCA SBPP and FCA MPP. Specific areas covered include: Brexit; FCA’s priorities; operational and cyber resilience; crypto assets; Mortgage Markets Study; duty of care; fair pricing; consumer credit; Retirement Outcomes...

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Jargon Buster

Future Dates

* Estimated date

  • 30 January 2020

    Last day for firms to notify the FCA that they wish to enter into the temporary permission regime. 

  • *31 January 2020

    Exit date is:

    •  31 January 2020 by 23:00 (UK Time)  The UK will withdraw from the EU

  • *31 January 2020

    In the event of a no-deal exit, the FCA will make the UK-RTS substantially the same as the EU-RTS and make consequential changes to its Handbook on exit day.