Standard Life Aberdeen welcomes the agreement reached between the UK and the EU on a Free Trade Agreement which, subject to ratification, will supersede the current transitional arrangements. We believe this agreement to be mutually beneficial and we encourage both sides to continue working towards closer economic co-operation.
As expected, the EU-UK FTA does not cover financial services substantively or provide for a bespoke market access regime for the UK. However, we are encouraged by the Joint Declaration which states that both parties will agree by March 2021 a Memorandum of Understanding (MOU) establishing a framework for structured regulatory cooperation on financial services.
Notwithstanding this Joint Declaration there is already provision in place for asset managers to continue to delegate portfolio management services from the EU to the UK (as confirmed by industry supervisors on 17 July 2020). We have also taken other specific actions to ensure the continuity of our services to our customers, clients, and operations including:
SLA will continue to closely monitor regulatory developments in the EU and UK as the new relationship evolves. As a global investment manager, we have extensive experience in adapting to regulatory change and working across borders.
As at 28 December 2020
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