Brexit: Global communication

Paris, Wednesday 02 December 2020

Corporate

Communication – update as of 25 November 2020

Preparation for the end of the transition period in the United Kingdom post-Brexit is progressing well and will enable Amundi to continue its activities after the 31st December 2020.

 1 - Marketing of Amundi EU-domiciled funds in the UK

To prepare for the end of the transition period post Brexit, the UK government introduced a Temporary Permissions Regime (“TPR”).  This allows European Economic Area firms currently passporting into the UK to continue operating in the UK for up to three years after the exit from the EU, while they apply for full authorisation from the Financial Conduct Authority (“FCA”).

Amundi in the UK is making full use of the TPR, and notifications have been made to the FCA for a complete range of funds.

This will enable Amundi to continue to sell its funds in the UK regardless of whether the UK leaves the EU with an agreed deal, or with no deal.

Amundi has notified the FCA of sub-funds under the following umbrellas:

  • Amundi Funds
  • Amundi Funds II
  • Amundi Money Market Funds
  • Amundi Index Solutions
  • Amundi Responsible Investing
  • Structured Investments SICAV
  • First Eagle Amundi
  • CPR Invest
  • AFH
  • and a number of other standalone cash/treasury funds

 

2 - Portfolio Management:

Trading of financial markets instruments for the funds and portfolios managed by Amundi:  At the end of the transition period post Brexit, our UK domiciled trading partners (brokers, clearers, counterparts, etc…) will no longer be allowed to serve EU clients from the UK. They have relocated their businesses dealing with EU clients into an EU entity. Amundi has finalised, for most of its counterparts, the changes required for the contractual set-up to ensure business continuity. Trading capabilities will thus remain unchanged after the 31st December 2020.

For portfolios managed by Amundi from the UK: 

  • Thanks to cooperation agreements between the EU competent authorities and the UK regulator (FCA), cross border investment management delegations between the EU and the UK can - remain in force after the end of the transition period post-Brexit. This will allow Amundi in the UK to continue to provide investment management services to EU clients.
  • For supervisory purposes, the portfolio management activities conducted in the past by Amundi Asset Management London branch has been fully transferred to Amundi UK Ltd1, a UK legal entity fully supervised by the UK Regulator (FCA). This transfer of staff and all client businesses was implemented by October 1st 20192.

For any additional questions:

  • If you are a professional client, please contact your usual sales representative, or client servicing contact.
  • If you are a retail client please contact your financial adviser.

For more information on Brexit scenarios and Amundi’s market views please access our Research Center .

1. Amundi (UK) Limited is a wholly-owned subsidiary of Amundi Asset Management incorporated in England under number 01753527, whose registered office is at 41 Lothbury, London EC2R 7HF, UK, regulated by the Financial Conduct Authority under number 114503 and authorised to perform portfolio management and investment advisory services as a MiFID firm. You can find proof of these authorisations using the following URL: https://register.fca.org.uk

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