Brexit remains the biggest threat to the UK's economy

TWITTER GETTYFootage of the scene shows the burning boat adorned with EU flags

The "Brexit and Alternative Asset Managers: Managing the Impact" paper, published on 9 April, offered a detailed assessment of what needs to be addressed during the transition period between the United Kingdom and the EU.

It was unclear how many people acquired the new passports after the United Kingdom voted to leave the bloc. AIMA believes that addressing these points will minimise disruption for United Kingdom fund managers and European Union investors when the United Kingdom leaves the EU.

The new position paper is built upon a 2016 paper, "Brexit and Beyond", which was produced by both the AIMA and the US-based Managed Funds Association. Ireland's European Union commissioner in Brussels, Phil Hogan, said Monday that European Union leaders do not expect any substantive change in the UK's position before March 2019, even if there is a vote on the Brexit deal in Parliament before then.

The risk weighing most heavily on the minds of financial services firms is Brexit.

"It is now important we focus on the significant prize at the end of the implementation period: the arrangements will only apply to negotiations in 2019 - by December 2020 we will be negotiating fishing opportunities as an independent coastal state completely outside the Common Fisheries Policy", explained DEFRA spokesperson.

GETTYNigel Farage at the boat burning stunt in Whitstable

Speaking at a conference organised by the Green 10 in the European Parliament on Tuesday, he called for the agreement on the future relationship between the EU and the United Kingdom to include a non-regression clause in order to maintain a level playing field.

It recommended that the United Kingdom should seek a Brexit deal that incorporates an "equivalence" determination in respect of United Kingdom rules by the European Commission.

The EU has also stressed United Kingdom alignment with its environmental rules would be a "redline" for any future trade deal.

AIMA CEO Jack Inglis, said: "This is a time of uncertainty for the UK's alternative investment management industry, and our members continue to devise and implement a variety of contingency plans".

The paper is sponsored by Simmons & Simmons, the law firm. "We have drawn upon our wide experience on Brexit related projects to provide input to help firms assess likely areas of disruption and where they need to, and can, address those, given the current state of play." .

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