Europe, Middle East and Africa: Brexit, Brexit, Brexit

Author: Olly Jackson | Published: 11 Dec 2018
Brexit is never far from anyone’s mind

Industry insiders have welcomed the Central Bank of Ireland's (CBI) changes to streamline its undertakings for collective investment in transferable securities (Ucits) and retail alternative investment fund (AIF) authorisation and post-authorisation processes. These bring the framework in line with other major retail investment jurisdictions. The CBI will no longer conduct prior reviews of depositary agreements, prospectuses and Ucits financial indices, and has published a Ucits mergers application form intended to shorten the process.

A Brexit no deal situation will result in more expensive and time-consuming insolvency proceedings, and lead to companies streamlining operations. These issues could be exacerbated with HM Revenue and Customs (HMRC) set to be made the preferred creditor in business insolvencies, which could disincentive banks from lending to small and medium sized businesses and increase...