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NCM Brexit statement

Tuesday, June 28, 2016

“NCM are watching developments on Brexit and will keep all clients updated as and when there is any pertinent information which would affect the funds we administer or act as depositary to. The FCA have made the undernoted statement  and basically it’s “business as usual” as far as the FCA is concerned. All the MiFID and AIFMD rules and regulations, any relevant legislation and NCM’s regulatory status remain unaffected by the Brexit vote for the time being".


FCA Statement

On 23 June, the UK voted to leave the European Union (EU). This has significant implications for the UK.


The FCA is in very close contact with the firms we supervise as well as the Treasury, the Bank of England and other UK authorities, and we are monitoring developments in the financial markets.


Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for Government and Parliament.


Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect.


Consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the Government changes the applicable legislation.


The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU. “