As Brexit negotiations unfold, the burning question on asset managers’ lips continues to be what level of access, if any, will the UK have to the EU single market and its financial passports such as UCITS and Markets in Financial Instruments Directive (MiFID 2)?
ESMA’s recently published Brexit relocation opinions may foreshadow the focus areas of the upcoming UCITS and AIFMD reviews in 2018.
We recap the regulatory developments in Q2 and highlight what to expect next quarter.
Could ESMA’s ground rules for UK firms relocating to the EU unintentionally disrupt the UCITS ecosystem?
Now the fun can really begin. By triggering Article 50, the UK has officially started the process of withdrawing from the EU. This means that the UK and the EU27 (the remaining EU countries) can negotiate the divorce settlement.