Navigating private placement regimes around the world 2017 Plenary session – UK and impact of Brexit Teresa Lai – Turiya Capital Derek McGibney – Cordium.

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Presentation transcript:

Navigating private placement regimes around the world 2017 Plenary session – UK and impact of Brexit Teresa Lai – Turiya Capital Derek McGibney – Cordium Asia Jennifer Wood – AIMA Moderator: Devarshi Saksena – Simmons & Simmons 17 October 2017

X (nb PRIIPS from 1 January 2018) Pre-Brexit: UK marketing regime (AIFMs) Licensing Exemptions – local exemptions. Reverse Enquiry – legal basis. Licence required for: REACH IN Marketing of funds Sale of funds Investment management services FLY IN FLY OUT Licensing exemptions: LEGAL MARKET PRACTICE REVERSE ENQUIRY Fund Marketing Restrictions “Marketing” definition: W I D E but generic information is permitted Once passported / notified / approved for marketing can fund be marketed? Art 42 Professional Notification Retail investor X (nb PRIIPS from 1 January 2018)

Pre-Brexit: Non-EU AIFM has to use Article 42 NPPRs Germany France Spain Italy Ireland Liechtenstein Netherlands Belgium Norway Sweden Denmark Key Green Easy Amber Medium Red Challenging Blue Impossible Key points: No depositary needed (excl. Germany and Denmark) Country-by-country Annex IV regulatory reporting

Post-Brexit (no deal): No change - non-EU AIFM still has to use Article 42 NPPRs (including for UK) Germany France Spain Italy Ireland Liechtenstein Netherlands Belgium Norway Sweden Denmark Key Green Easy Amber Medium Red Challenging Blue Impossible Key points: No depositary needed (excl. Germany and Denmark) Country-by-country Annex IV regulatory reporting

Discretionary account services: Non-EU firms must rely on patchwork of regulatory regimes Key Green no licensing requirement or broad licensing exemption Amber broad formal exemption Red local licence required Sweden Sweden Finland Norway Estonia Ireland Latvia Ireland Lithuania UK Netherlands Netherlands Germany Poland Belgium Germany Belgium Czech Republic Slovak Republic France France Austria Hungary Liechtenstein Liechtenstein Slovenia Portugal Spain Spain Italy Italy Bulgaria Greece Malta Malta Cyprus

Navigating private placement regimes around the world 2017 17 October 2017