Brexit: an EU fund director bonanza

ESMA’s recent Opinion to EU national regulators on UK manager relocations to counter Brexit is severe. But it is great news for EU fund directors. It should lead to an EU fund director boom, especially in Ireland and Luxembourg.

On May 31 ESMA has issued an Opinion to EU national regulators on UK manager relocations. ESMA set out 9 Principles for relocations and says will be setting up a body to co-ordinate this. The Opinion covers AIFMD, UCITS, MiFID I and MiFID II. It is addressed to national competent authorities (NCAs) of the 27 remaining EU Member States.  ESMA states that it is ‘a practical tool to support supervisory convergence in the context of increased requests from UK financial market participants seeking to relocate to the EU27’. (Please see below for more on these 9 Principles.)

To read more on this story see the June edition of The NED.