- The outcome of Thursday’s UK referendum was that the United Kingdom should leave the European Union.
- The uncertainty of the UK’s next steps, and the new relationships ultimately that will need to be forged among the United Kingdom and the members states of the European Union, will impact private investment funds regulation (in particular, AIFMD).
- There is unlikely to be any immediate direct impact on US fund managers vis-à-vis AIFMD and Brexit.
On Thursday, the UK public were called upon to answer the following question—“Should the United Kingdom remain a member of the European Union or leave the European Union?” It goes without saying that the outcome of Thursday’s referendum was unexpected (circa 52% voted to leave the European Union and 48% voted to remain in the European Union, based on a voter turnout of 71.8%). It also goes without saying that the consequences of the UK’s eventual withdrawal from the European Union are unknown