Introduction
At 11pm (local time) on 31 January 2020, the United Kingdom
("UK") will leave the European Union
("EU"), an event often referred to as
"Brexit". A transitional period will take effect as of
this date and will last until 31 December 2020 (the
"Implementation Period"), unless
extended. During this Implementation Period, EU law will continue
to have the same effect in the UK as it currently does, thereby
allowing for a continuation of the UK's participation in the EU
single market. This will allow UK firms to continue to access the
EU under relevant financial services passports (including under the
Alternative Investment Fund Managers Directive
("AIFMD")) until 31 December 2020.
