Brexit Update and Launch of Resources Page
The outcome of the UK’s referendum on EU membership and the impact it is having and is likely to have, has been the most significant and unanticipated European political event of the last 20 years. While much is still unclear about what form the UK’s exit from the EU will take, 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.
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 available the expert knowledge and skills 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.
Priorities Following the Vote
Brexit adds 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. In moving into territory where the end-position and duration are not and cannot be fully known, our priorities are to:
- Engage with our members and stakeholders and handle inbound queries from managers and service providers
- Advocate to government and the authorities here regarding the importance of readiness for the funds industry
- Speak and listen to stakeholders and peers across various industries and regions to understand concerns
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.
Alongside our 38 Working Groups, we are identifying and working through positions which may arise in negotiations, engaging with EU colleagues on these matters, and developing communications and informational materials. We are regularly meeting with our members, stakeholders and peers to listen, handle queries and act responsibly.
Launch of Brexit Section and Ongoing Updates
We have recently published an Irish Funds Brexit Update. The objective of this and future updates is to provide a series of views and insights on the key areas and impacts of Brexit from the perspective of member firms and participants involved in the Association’s work. The contributors come from various areas of the funds industry, including management companies, law firms, audit firms and other service providers. If you are interested in participating in our next Brexit Update, please contact Alison Prendergast at email@example.com or on +353 1 675 3207.
We have also launched a page on our website for commentary and resources on Brexit from the funds industry.
Pat Lardner, Chief Executive, Irish Funds