Connect with us

Europe

UK and Ireland ‘could provide NI funding deal’

Published

on

Ireland PM Leo Varadkar addressing about UK

The result of the UK referendum on EU membership and the impact it is having has been the most significant and unanticipated European political event of the last 20 years. While much is still unclear about what the outcome from negotiations will be, we can be certain of the Irish fund industry’s role and determination to assist managers, irrespective of their starting point, in achieving their cross-border distribution goals.

With Brexit day (31 October) approaching, and with increased uncertainty around the political process, it is imperative that funds industry companies plan for a no-deal Brexit and put in place measures to identify and counteract risks to the extent possible.

With this in mind, the Irish Funds Brexit Steering Group has prepared a non-exhaustive list as a guide for identifying some of the main issues which may arise during Brexit planning.

While there has been considerable volatility both in the markets and political landscape, fund managers’ needs pre- and post- the Brexit result have not fundamentally changed. Managers continue to look to:

• Further their objectives to grow and scale their business cross-border by accessing passports for products and services

• Utilise effective EU-based national regulatory and taxation regimes

• Have expert knowledge and skills available across a range of providers covering the full breadth of investment strategies and asset classes

• Have the ability to conduct business efficiently with regards to language, legal system, service culture and cost

Our members are continuing to help managers and provide solutions and as Ireland has addressed needs in the funds industry successfully for more than 20 years, it will continue to do so post-Brexit.

The funds industry here remains focused on its continued ability to provide seamless access to key financial services passports, as well as to assist global and regional players examine the specifics of their product, service and distribution footprints and the business models and structures which support them.

Ireland remains a committed member of the European Union and will remain so, providing full market access to the EU. As Ireland is in the same time zone, English-speaking, and also has a common law legal system, it means we are well-placed to assist managers.

Regardless of the direction the UK exit from the EU takes we will develop and enhance our relationships with UK managers. This, in turn, is likely to strengthen the Irish funds industry.

Brexit has added a new and significant dimension to the Association’s multi-faceted work and outreach. As always, our focus is that the ‘system’ here is prepared and welcoming to help new and existing clients.

Continuing on our already strong advocacy platform, we are engaging with the Irish government, the Central Bank of Ireland and agencies to keep the funds industry high on the agenda in Brexit and related discussions and to ensure that the environment and infrastructure is available to provide solutions to those who need it.

Read more articles about Ireland: https://www.theforeigncode.com/category/europe/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Sitemap | Copyright © 2018-2019 theforeigncode.com