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By Eduard von KYMMEL, Head of VP Fund Solutions*
The United Kingdom (“UK”) voted to leave the European Union (”EU“) in a referendum held on 23 June 2016. Currently, EU law is incorporated into a substantial majority of the UK’s legislative framework - especially for financial services. Due to Brexit, the UK has to sort out the current regulatory framework from EU law. Regardless of the outcome of the exit negotiations, this will be a large and complex task with no precedent for what leaving the EU means. To reflect on the macro perspective, it has to be noted that the UK is a leading global hub for Alternative Investment Managers (“AIMs”) contributing significantly to the UK economy. Given the importance of the relationship between the UK and the EU in the financial...
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