HM Treasury gives TPR amendment the green light
HM Treasury have confirmed that a much-sought after amendment to the Temporary Permissions Regime (TPR) has been given the go-ahead. UCITS and Alternative Investment Fund (AIF) sub funds launched after 29th March 2019 (the day the UK is due to leave the European Union) will now continue to be allowed to market themselves and to be sold into the UK .
As part of the EU Withdrawal Act 2018, various statutory instruments (SIs) had already been passed in order to allow for the sale and marketing of various other funds types in the event of a no deal Brexit. This includes venture capital funds, social entrepreneurship funds, long-term investment funds and money market funds.
This new amendment has come as welcome news to the financial industry and Chris Cummings, chief executive of the Investment Association commented: “In a possible no deal Brexit, HM Treasury’s commitment to remain open to international funds ensure that the UK will remain a world leading asset management centre and that UK savers will continue to have access to a full range of investment opportunities”.
FundsLibrary’s Asset Management Solutions Director, Paul Poletti-Gadd said: “We are very pleased at the news of the TPR amendment. It ensures that our valued clients within the Asset Management Industry are able to continue to offer UK access to their investor base and we will continue to support them in this by providing market-leading digital solutions, offering support through the entire life cycle of fund data, documents and regulatory reporting”.
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All figures correct as at 19.11.2018.