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.
Could ESMA’s ground rules for UK firms relocating to the EU unintentionally disrupt the UCITS ecosystem?
Garrett Berkery warns that asset managers should not underestimate the coordination required to comply with the new reporting requirements for securities financing transactions.
With all signs indicating that the revised PRIIPs rules will be approved by Parliament, asset managers can emerge from their holding pattern and implement their PRIIPs solutions.