作者：金杜律师事务所 King & Wood Mallesons
By an almost four percentage point margin, the British people have voted to leave the European Union, and the Prime Minister has announced that he will stand down in October. Market uncertainty will now make the UK a very challenging environment for investors for some time – although no doubt there will be opportunities, especially for non-sterling denominated funds. The many and varied impacts of the UK's decision will be felt domestically and internationally, and the financial effects it will have on existing portfolio companies, pending deals, and the investing environment more generally will be a major near-term focus.
英国退欧阵营仅以百分之四的票数领先，锁定了英国退欧。英国首相也宣布将于十月辞职。退欧毫无疑问会带来新的机会，尤其是对于非英镑主导类资金，但是英国市场的不稳定性还是会给投资者带来持续性挑战。退欧对英国内外在诸多层面都将产生不同程度的影响，近期最先波及那些从事投资组合类的公司、进行中的交易以及整体投资环境，遭受退欧引发的金融震荡。
But, while there will also be a huge amount to discuss and agree as regards how this affects the legal and regulatory environment, it is important to remember that nothing has yet changed: EU law continues to apply in the UK, as do UK laws derived from the EU. (For KWM's summary of the impact of 23rd June's vote on various sectors, click here.)
英国退欧会对法律和监管环境产生哪些影响，还有大量事项需要讨论和商榷，但我们要记住目前还没有任何改变：欧盟法律和衍生于欧盟的英国法律仍然有效。（如查阅6月23日英国公投对各行各业影响的解读，请点击）
Indeed, it will take years to unravel the full ramifications of the vote, and the UK government is not in a hurry to trigger the two year "divorce" period set out in the Treaty, preferring to prepare the ground at home (which includes choosing a new prime minister) and to have discussions with other key European players first. In the short term, policy-makers and central bankers will be working to reassure and stabilize the markets, before they turn their attention to other matters, while the EU's institutions will be looking at ways to contain any possible contagion to other member states (which may include taking a hard line in negotiations with the UK).
退欧的影响确实要好几年才会完全显露，当前英国倾向于安顿好国内事务（包括选举新首相）和与欧洲其他关键国家的会谈，并没有急于触发里斯本条约第50条款中的两年退欧程序。近期内，国家首脑和中央银行家的当务之急将是安抚民心并稳定市场，欧盟组织则会试图不让英国退欧情绪扩散到其他成员国（这也可能意味着在和英国的谈判中采取强硬态度）。
However, now is not the time for the private equity and venture capital sector to watch from the side-lines. On the contrary, a period of intense activity must now begin, so that the voice of private equity is heard as part of a concerted effort from the financial services industry to first formulate and then express its views on what it wants from the difficult negotiations which will now ensue. That is true for other EU-based fund managers, as well as those in the UK, and it remains critical for the industry to work together across the EU to establish a common position and to do its best to influence the negotiations from both sides. At the same time, firms need to start mapping out, on the basis of the most likely conclusions of those negotiations, how they may need to re-structure their businesses to respond to the new environment.
但是现在不是私募基金和风险投资袖手旁观的时候。相反，应该与其他金融服务行业联手积极展开一系列行动，表达自己的观点并从随后艰难的谈判中明确想要获得什么。以上对英国和其他地区的欧盟基金经理人同样适用。欧盟基金行业团结一致至关重要，这样才能从共同战线出发，尽最大努力全方位左右谈判。同时，公司需要考虑最有可能的谈判结果，重新调整业务架构以适应新的环境。
The Alternative Investment Fund Managers Directive (AIFMD) has been, of course, a major focus for private equity firms across Europe and beyond in recent years, and it is unlikely that UK-based managers can expect a huge wave of de-regulation. There may be opportunities for improvements, especially for those funds who do not wish to actively market to EU-based investors, but any deregulatory effects will be gradual and marginal. In the near-term, the focus is likely to be on securing two-way market access on the best possible terms, rather than sweeping away EU-based financial services law, although it is far from clear whether that will be achievable.
近些年来无论在欧洲还是其他地方，私募基金公司最为关注的都是另类投资基金经理指令（简称“AIFMD”），英国经理人指望大范围放松管制并不现实。基金发展的机遇是存在的，尤其对于那些对进入欧洲市场兴趣不大投资者的基金，但任何放松管制的效应都将是逐步且边缘化的。短期来看，尽管可行性不确定，但稳住市场双向流动仍然是当前重点，而不是废除欧洲金融服务法律。
And there are many other issues for the industry to consider, not least for those in the venture capital sector who have enjoyed significant benefits from the EU. Losing access to the marketing passport for venture capital funds would be a blow, especially as the regime looks set to be improved in the coming years. Investment from the European Investment Fund for example, a cornerstone investor for many funds, must also now be in doubt. Perhaps the British Business Bank will step into that breach.
此外，私募基金，尤其是得益于欧盟的风投领域还有很多其他问题需要考虑。失去自由进出市场的便利将无疑是个打击，因为当前体制本为未来发展提供了良好契机。例如来自欧洲投资基金的投资——很多基金的基石投资者，现在一定持观望态度。或许英国商业银行将会违约。
For other EU-based managers, the loss of a British seat at the negotiating table (supported by the strong voice of the UK industry) will be unhelpful as further financial services measures are discussed – not just the scheduled review of AIFMD, but also ongoing regulatory initiatives. Strategies to deal with that change of dynamic will be high on the agenda for the European financial services industry.
对于其他驻欧盟经理人来说，谈判桌（一直靠英国产业主导）上少了英国，对于商讨进一步金融服务策略，不论是另类投资基金经理指令审查，还是进行中的监管事项，都是损失。欧洲金融服务行业应将应对大环境变化作为首要任务提进日程。
If you would like to discuss the implications of today's decision, the potential medium term regulatory consequences, and the wider potential impact and opportunities then please get in touch with your contacts at King & Wood Mallesons who are on standby to assist you. Our pan-European funds team can advise on the optimal structuring options for funds and fund managers.
如果您想就英国退欧决定，潜在的中期监管后果，以及更广泛的机遇与影响和我们进行更深入的探讨，请联系您在金杜律师事务所的联系人。我们的泛欧洲基金团队将为基金和基金经理人建议最优结构选择。
