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<p>The Treasury is in frequent contact with firms regarding their contingency planning
for EU exit. UK asset managers that are using the EU “passport” to serve clients in
the EEA have undertaken and will continue to carry out contingency plans with respect
to their operations in the EEA in order to be ready for a no deal scenario. Some European
countries have introduced measures to ensure that UK asset managers will continue
to be able to service EEA clients.</p><p> </p><p>The Government has undertaken the
necessary work to ensure that we have a stable and functioning domestic framework
for asset managers at the point of leaving the EU without a deal. This includes establishing
the ‘temporary marketing permissions regime’ which enables EEA funds to continue to
be able to market into the UK for up to 3 years. These measures have been welcomed
across the UK asset management industry.</p>
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