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    Delegation: the devil’s in the detail
    Wednesday, February 13, 2019 - 23:42

    There is some confusion on what ESMA has agreed to on delegation for UK managers post Brexit. ESMA will become much more actively involved in approving delegations as a condition for allowing current rules to continue for now.

    The EU’s Brexit olive branch
    Wednesday, February 13, 2019 - 23:37

    EU countries, including Luxembourg and Ireland, have paved the way for UK managers to continue operating as usual in their jurisdictions in case of a no-deal Brexit. It is effectively a 21-month grandfathering period.

    What is AIFMD’s future?
    Wednesday, February 13, 2019 - 23:34

    AIFMD II is coming. In its recent review of the Directive KPMG focussed on technical matters. Bigger questions must also be addressed such as what happens to AIFMD after Brexit. AIFMD could soon become irrelevant to most real alternative managers.

    The substance challenge
    Wednesday, February 13, 2019 - 23:31

    For very different reasons funds domiciled in EU and offshore jurisdictions face increasingly tough substance tests. This issue the Tracker focuses on substance requirements in Ireland and Luxembourg which have become stricter.

    Brexit 1: here comes ESMA
    Tuesday, January 22, 2019 - 22:26

    ESMA is likely to change delegation rules for UK asset managers’ European funds if there isn’t a Brexit Withdrawal agreement. And it will require yet more substance from UK managers setting up in Dublin and Luxembourg.