ARTICLE · 21 NOVEMBER 2019

Brexit Asset Management Update - November 14, 2019

Herbert Smith Freehills Kramer LLP

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The post below summarises the latest Brexit developments related to asset management.

European UnionGovernment, Public Sector

Nish Dissanayake

The post below summarises the latest Brexit developments related to asset management.

EU Exit: PRA statement on ACPR response to EIOPA recommendations for insurance sector

The PRA has issued a statement regarding French regulator Autorité de contrôle prudentiel et de résolution's (ACPR) response to the European Insurance and Occupational Pensions Authority's (EIOPA) recommendations for the insurance sector in light of the UK withdrawing from the EU. The ACPR indicated in its response that it does not intend to comply with EIOPA's Recommendation 6 relating to insurance policies originally sold in the UK by UK insurers to policyholders now resident/established in France. In order to make use of the French Brexit Ordinance regime, UK insurers must have appropriate passports to carry out business in France in place by exit day. The PRA and FCA encourage firms to seek legal advice and consider potential risks arising from the ACPR approach to affected policyholders as

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