FCA proposes new post-Brexit UK retail fund regime

Equivalent to existing UK UCITS schemes

The Financial Conduct Authority (FCA) has proposed a new UK retail fund regime equivalent to the existing UK UCITS schemes as part of its post-Brexit proposals, published in two consultation papers today (Wednesday 10 October).

In March 2018, the UK and the EU agreed the terms of an implementation period, which will start on 29 March 2019 and last until 31 December 2020, during which, rules will continue to apply and access to each other's markets will continue on the current terms. However, if the UK leaves the EU without a deal no transition period will be implemented. The regulator has published two consultation papers setting out plans to cope with an exit without an implementation period and the loss of single market authorisation and passporting rights. The first consultation paper will focuses on c...