Jurisdiction(s):
United Kingdom

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

Post‑Brexit EU/EEA regulatory tracker for UK funds and managers: UCITS/AIFMD marketing, NPPR, delegation, MiFID access, de‑registration and temporary regimes

Published by a LexisNexis Financial Services expert

Practice notes

Austria

Is there an existing Co-operation Agreement or Memorandum of understanding in place between the UK’s Financial Conduct Authority (FCA) and the Austrian Financial Market Authority (FMA)? Yes. The FCA has concluded a multilateral memorandum of understanding (MMoU) with the European Securities and Markets Authority (ESMA), alongside a set of bilateral memoranda of understanding (MoUs) with each EU/EEA securities regulator. All of these took effect at the end of the Brexit transitional or implementation period (TIP) on 31 December 2020. The MMoU and MoUs provide for supervisory co-operation, enforcement and the exchange of information between the EU/EEA securities regulators and the FCA, permitting the sharing of information on, among other areas, market surveillance, investment services and asset management activities.
How is the FMA treating UK Funds (UCITS funds and AIFs) which were previously passported in Austria under the UCITS/AIFM Directive following the end of the TIP? As third country AIFs, ie non-EEA AIFs.
Will UK funds (UCITS funds and AIFs) currently passported in Austria under the UCITS/AIFM Directive have to (re)register or make any notification with the FMA as a result of the end of the TIP to continue marketing

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Web page updated on 21/05/2026

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