As anticipated in its prior cross-sectoral opinion issued at the end of May, the European Securities and Markets Authority ("ESMA") has, on July 13, 2017, issued a specific opinion relating to the investment management sector in the context of the anticipated relocation of entities, activities and functions from the UK a consequence of Brexit.
Focused on UCITS ManCos, self-managed investment companies and authorised AIFMs, the opinion addresses areas of potential regulatory and supervisory arbitrage with particular focus on authorisation, governance and internal controls, delegation and effective supervision.
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