Guernsey’s financial services regulator has, like Jersey, signed a Memorandum of Understanding with the UK’s Financial Conduct Authority to ensure market access for Guernsey investment funds into the UK after Brexit.
Guernsey has a market access agreement with the 28 member states of the European Union under the EU’s Alternative Investment Fund Managers Directive. The agreement was made and signed with the European Securities and Markets Authority (ESMA).
Once the UK leaves the European Union at the end of this month, it will cease to be a signatory to the agreement, and so the separate MoU has been agreed between the UK and the island.
It will come into effect if EU law no longer applies in the UK, either through a ‘no deal’ Brexit or at the end of any transitional arrangements once the UK leaves the EU, and will mean that Guernsey funds will still be able to be marketed into the UK.
GFSC Director-General William Mason signed the agreement with Andrew Bailey, CEO of the Financial Conduct Authority.