A no-deal Brexit was narrowly avoided when the UK left the EU, on 31 January 2020, under terms set out in a withdrawal agreement entered into by the parties with only a week remaining. The withdrawal agreement provides for an 11-month transition period (terminating on 31 December 2020) during which EU laws continue to apply in the UK pending negotiation of a composite agreement governing the future relationship. However, as the end of this transition period draws near and with limited progress on the future relationship agreement, promoters of Irish funds and fund management companies must prepare for the possibility of, what has been referred to as, "No-Deal 2.0" on 31 December 2020. We have produced the below Q&A checklist tool to assist promoters and managers in conducting a health-check of existing arrangements if no agreement were in place by the end of the transition period. The Q&A, which has been revised and updated on several occasions since its initial publication on 15 March 2019, highlights the principal impacts of No-Deal 2.0 in various situations, including related mitigation measures or consequences where no mitigation measures are in place.
No-Deal 2.0 Checklist: A Q&A for Irish Investment Funds & Fund Management Companies (November 2020)
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.