More responsibilities for EU directors

There was surprisingly little coverage in the press, back in 2018, of the EU Commission’s proposals for a much more comprehensive degree of financial regulation and market integration in Europe post Brexit. The Commission published a lengthy paper on this topic in September 2018.

The NED understands that this document is being dusted down, given that there is now certainty on Brexit. It was never forgotten about in Brussels. More will be revealed on which way the Commission will go - on the topics raised in the paper - when the EU-UK trade talks have taken some sort of shape. They start in March. By the summer it is likely that will know more what it is that the Commission will propose in terms of its major regulatory revamp for financial services.

Nothing is yet decided. But if what is put forward is along the same lines of what was in the Commission’s September 2018 paper it will not be good news for those in the EU that want to see its fund industry engaging freely with the UK, its offshore centres and perhaps the outside world as a whole. Nor will it be helpful to fund directors who look like taking on yet more responsibilities.

To read more on this story, see the February issue of The NED.