Erscheinung:22.03.2019 | Topic Investment funds Brexit: Information regarding investment funds from the United Kingdom
The investment fund database of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) includes investment funds that have the United Kingdom as their home country and for which, for example, a notification was submitted to allow them to be marketed in Germany on the basis of the EU passporting regime under the UCITS Directive.
If the United Kingdom leaves the EU without an agreement and without a transitional period, these investment funds can continue to be marketed in Germany if in each case a notification procedure is completed for the marketing of third-country funds under section 320, 329 or 330 of the German Investment Code (Kapitalanlagegesetzbuch – KAGB). Such applications can be submitted to BaFin as from now, even though the actual date for the departure of the United Kingdom from the EU and its subsequent status is not known at the present time.
On 23 June 2016, a referendum was held in the United Kingdom of Great Britain and Northern Ireland (United Kingdom) regarding EU membership, and a majority voted in favour of leaving the EU. Under Article 50 of the Treaty on European Union (TEU), the formal exit negotiations initiated by the Prime Minister in March 2017 must end after two years, otherwise the United Kingdom will leave the EU without a withdrawal agreement. The two-year time limit ends on 29 March 2019. In the meantime EU-27 leaders offered to delay Brexit.
