United Kingdom's withdrawal is sealed. England is now a third country. What are the next steps and what does it mean for the fund industry? The facts at a glance.


The British left the EU on 31 January 2020. 31 December 2020 marks the end of the transition period that had initially provided quasi-EU status. The United Kingdom is now a third country from an EU perspective. The EU and the British had previously conducted intensive negotiations to agree on the conditions for the UK's withdrawal and to create legal certainty after withdrawal.

What does the deal mean for investors?

Investors in Germany who are invested in English funds can continue to hold their investments.  Whether they are allowed to make new investments in these funds depends on whether the English fund company has gone through a corresponding notification procedure with the German supervisory authority BaFin. The fund company can provide information on this. In addition, the "Investmentfonds-Datenbank" (investment fund database) can be found on the BaFin‘s homepage, which provides information on sales authorizations for third-country funds in Germany.

What does the deal mean for the fund industry?

The German fund industry is remaining calm. The BVI has successfully worked towards cooperation between the EU27 authorities and the UK financial supervisory authority, so that, as things stand today, outsourcing of fund management will be possible beyond the end of the transition period. The effects on the investment universes are also limited. Funds have always been allowed to invest in third countries under certain conditions; this will also work with the UK.




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Stellungnahme des BVI zum Referentenentwurf für ein Gesetz zur Ergänzung des Gesetzes über steuerliche Begleitregelungen zum Austritt des Vereinigten Königreichs Großbritannien und Nordirland aus der Europäischen Union




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