Investment Association interim chief executive Guy Sears has outlined the possible implications of the UK exiting the European Union, including a re-classification of UCITS funds.
Speaking at a Treasury Select Committee meeting this morning, Sears (pictured) talked about the economic implications and financial costs of a Brexit. He said UCITS funds, which are currently able to be marketed across Europe regardless of domicile, could need to be re-classified as alternative investment funds. If Britain was no longer part of the European Union, funds would instead need to show a "equivalence of regulation" between the UK regulator and the European regulator, in order to be sold on the continent. Kames CEO: Brexit could damage UK's asset management competitivenes...
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