The UK’s vote to leave the European Union will
now test financial institutions’ fears over loss
of passporting rights, and specifically the likelihood of
The most obvious effect on the funds industry relates to The
Alternative Investment Fund Managers Directive (AIFMD).
Assuming the UK separates entirely from the EU and
doesn’t remain in the European Economic Area (EEA)
with a similar status to Norway, then the UK will become a
third country for AIFMD purposes. The marketing passport into
Europe will no longer be available to UK managers.
An IFLR poll conducted in April found a loss of
passporting rights to be among the biggest referendum-related
concerns among readers, along with third party access