The UK voted on June 23 to leave the European Union
("EU"). What will happen next and the challenges and
implications for businesses remain crucial questions that will need
to be addressed. DMS has been following the BREXIT debate closely
so whilst there will be political and economic consequences,
changes to the legal and regulatory environment will be
EU Domiciled Funds
DMS considers Ireland and Luxembourg to continue to be the
domiciles of choice for both managers and investors seeking pan
European marketing and distribution solutions. DMS is an EU
domiciled management company authorized as an Alternative
Investment Fund Manager ("AIFM") and UCITS Management
Company and will continue to be permitted to manage AIFMD and UCITS
funds and avail of the marketing passport across the EU. DMS will
continue to have substance within the EU and is well positioned for
future solutions. DMS has assisted in excess of 50 managers in
accessing Europe by utilizing our European domiciled AIFM/UCITS
Management Company. Although the long-term consequences may take
time to unfold in terms of how the UK will fit in with the AIFMD
and UCITS regulatory environment, DMS remains well positioned to
deliver solutions through our European offices in Dublin,
Luxembourg and London.
Non-EU Domiciled Funds
The UK has traditionally been one of the more popular countries
in the EU for the marketing of non-EU domiciled funds. More needs
to be understood from the UK Financial Regulator on how this will
be permitted going forward under AIFMD. There is currently
uncertainty on the impending ESMA decision on the possible
extension of the passport to non EU jurisdictions, and the UK vote
only serves to increase this uncertainty. Regulatory regimes like
MiFID and EMIR will also need to be considered as the UK withdrawal
DMS can assist with a risk assessment and benefit analysis of
your business and the possible options available to help steer you
through this challenging time. We will continue to keep you up to
date with all major developments as they occur.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
On February 9, 2017, HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised MiFID and three draft statutory instruments to facilitate transposition.
We consider below the circumstances in which a person may hold an "unpaid vendor lien", the effect of such a lien following the Supreme Court case of Menelaou v Bank of Cyprus UK Ltd  EWHC 2656...
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