The Institute of Economic Affairs (IEA) has called for the UK to set up a regulatory framework to replace UCITS and encourage EU-domiciled funds managed from London to move their domicile out of the European Union post-Brexit.
In a recent report on financial services regulation post-Brexit, authors Shanker Singham and Catherine McBride suggested the UK should develop its own authorised retail investment scheme that could replace EU-domiciled and managed UCITS funds. UCITS funds are required to be registered and domiciled within the EU as well as comply with all EU UCITS fund regulations, but after Brexit, UK-registered UCITS funds can no longer be called UCITS even if they continue to comply with the UCITS regulations. As such, the IEA says the UK authorities need to develop a UK-authorised investment schem...
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