Advice for Global Shares’ clients regarding our Brexit planning
Impact of Brexit and Actions Global Shares Execution Services Limited are taking
Global Shares has joined the FCA’s temporary permissions scheme. The FCA has indicated that it will in the future allocate firms utilising the temporary permissions scheme “landing slots” i.e. prescribed three-month periods within which they must apply for authorisation. The FCA would confirm these slots after Brexit, with the first slot likely to be late 2019 and possibly into 2020. If it is a requirement at that stage, Global Shares will apply for the relevant FCA licence to ensure we can continue to provide a seamless service to our clients, although by that stage it is also possible that the UK may have made an adequacy decision allowing EU MiFID firms to trade in the UK without the requirement for a formal licence application. Either way, we expect to be able to trade without interruption in the UK.
Implications of any corporate restructuring and Impact on contractual rights
At this stage, in common with many observers, Global Shares is adopting a “wait and see” approach to Brexit, while still ensuring that all legal and regulatory requirements are dealt with. We do not at this stage believe that there will be any requirement for corporate restructuring or any significant impact on contractual rights. Global Shares will closely observe all relevant developments and if that situation changes, we would expect to make contact with our clients in due course.