ESMA publishes investment management “sectoral opinion” to support supervisory convergence in the context of Brexit

By: Gregg Beechey, Zac Mellor-Clark

On 13 July 2017, the European Securities and Markets Authority (ESMA) published an opinion concerning supervisory convergence in the context of Brexit, focusing specifically on the investment management sector. It builds on the controversial opinion on supervisory convergence published by ESMA in May of this year, which applied to a broad range of firms. This Memorandum explores certain issues arising from the recent sectoral opinion and will be of particular interest to UK asset managers considering relocation as a consequence of Brexit, as well as existing European managers (including so called “Third Party AIFMs”) using delegated management or advisory structures.

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