Esma and FCA to settle delegation issue

Europe’s financial regulator has announced a memorandum of understanding (MoU) between the EU and UK that will provide certainty around fund management activities being ‘delegated’ outside of the EU to Britain.

Officials at the European Securities and Markets Authority (Esma) approved an MoU with the UK’s Financial Conduct Authority on Thursday.

Chris Cummings, chief executive of the Investment Association, said the agreement brought “much needed certainty for asset managers seeking to finalise contingency plans, and we look forward to reviewing the detail”. 

He also said the “agreements ensure that delegation of portfolio management, and the necessary exchanges of information needed for the orderly functioning of markets, can continue regardless of the outcome of the Brexit negotiations.”

©2019 funds europe

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