ESMA issues principles on supervising Brexit-related relocations from the UK

Increase in requests to relocate to the EU

The European Securities and Markets Authority (ESMA) has published an opinion piece setting out general principles aimed at helping market participants wishing to relocate from the UK to the EU as a result of Brexit.

The opinion is addressed to national competent authorities, in particular those of the 27 member states remaining in the EU, and addresses ways to maintain consistency in authorisation, supervision and enforcement when dealing with relocations. ESMA said it is intended as a practical tool to support supervisory convergence in response to increased requests from UK financial market participants seeking to relocate to the EU. The piece covers all legislation referred to in the ESMA regulation, in particular the AIFMD, the UCITS directive, MiFID I and MiFID II. Landmark threat to UCIT...