UK Location Rule – Central Bank Of Ireland (Cbi) Clarification On A No-Deal Brexit Basis

Author:Mr Nicholas Blake-Knox, Jennifer Fox, Sarah Maguire and Eimear Keane
Profession:Walkers
 
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In a welcome clarification on 4 February, the CBI published a Notice of Intention on its website in relation to the location requirements for directors and designated persons of Irish fund management and self-managed companies ("ManCos").

The Notice of Intention clarifies that should the UK leave the EU on a no-deal basis, the CBI will consider whether the UK is a country that meets the Effective Supervision Requirement. Currently, half of the directors of a ManCo and half of a ManCo's managerial functions must be performed by at least two designated persons resident in the EEA or such other country as the CBI may, taking into account criteria regarding effective supervision, determine and advise by notice published on its website.

For the period while this is under consideration the CBI does not propose adopting a default position...

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