EU market shutout?
It looks like any EU-UK trade agreement will not include financial services. UK managers could then face legal difficulties accessing the EU; the Commission has written to them to warn them of this. They must act now to avoid being shut out.
Along with most other UK industries the UK asset management sector hasn’t a clue how to prepare for Brexit at present. All UK businesses that export to the EU are stuck in political no man’s land for the time being.
‘Race to the bottom’ fear
The AMF’s Natasha Cazenave said at a recent conference that ESMA fears a race to the bottom post Brexit which is why it is reviewing delegation rules. Meanwhile the US has voiced its concern about delegation changes.
AIFMD II: review starts now
In preparation for AIFMD II the EU Commission has mandated KPMG to carry out a study of the Directive’s impact on the industry. KPMG has been asked to find out whether AIFMD’s original objectives have been met and how the Directive is working in practice.
Indos Financial report that he Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission has mandated KPMG to provide a comprehensive study on how AIFMD has worked in practice and to what extent its objectives have been met.
Do ManCos challenge managers?
How much third party ManCos challenge managers whose funds are hosted on their platforms was debated at IFI Global’s January conference. Some are better at it than others, it was said. Why some do and others don’t was a focus of much discussion.
MiFID II’s tax drag
An early and major impact from MiFID II looks like coming from an unexpected area: tax. Investors are getting involved in funds’ tax affairs for the first time. And there are VAT issues.