Relief in the fund industry: BaFin eliminates Brexit panic by concluding a Memorandum of Understanding with the FCA
As the (original) Brexit date approached, the fear of the German alternative fund managers had grown that it would no longer be possible for them to outsource parts of their management to the UK when it becomes a third country. The Memorandum of Understanding between BaFin and FCA alleviates these concerns by ensuring cooperation and exchange of information between the regulators even if there is no deal.