Dechert Partners Discuss Domiciling Funds in Germany or Ireland to Access the E.U Post-Brexit, the Possible Introduction of PRIIPs and the Rising Prominence of UCITS Structures (Part Two of Two)
Brexit looms at a time ripe with new opportunities and challenges for managers seeking to market in the E.U and around the world. On the one hand, managers must reconsider the types of vehicles and jurisdictions to use to preserve access to the E.U markets. Additionally, new legislation- such as the impending Packaged Retail and Insurance-based Investment Products (PRIIPs) initiative- may present new barriers to managers marketing in Europe. On the other hand however, global markets are opening up as certain vehicles, such as Undertakings for Collective Investment in Transferable Securities (UCITS), are increasingly welcomed by local regulators.
This article, the second in a two-part series, described the increased usage of UCITS structures and the potential effect of impending PRIIPs legislation, as well as options for managers to domicile a fund in Germany or Ireland to market in the E.U.