As 29 March looms with uncertainty still surrounding the type of
Brexit scenario that will unfold, there have been a number of
regulatory developments at EU, UK and Irish level, which should
provide some welcome clarity in the event of a hard Brexit. Key
amongst these are recent agreements and announcements with regard
to delegation, the CP86 location requirement, marketing in the UK
post-Brexit, and settlement.
DELEGATION
Both the UCITS and AIFM Directives permit third-country
delegation of investment management under specified criteria and
many Irish funds and management companies delegate the investment
function to portfolio managers based in the UK that are regulated
by the Financial Conduct Authority
("FCA"). However, Brexit threatened to
disrupt this as delegation to a non-EU manager requires
co-operation agreements to be in place between the relevant EU
regulator and the regulator of the non-EU manager. On 1 February,
the European Securities and Markets
