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IA comments on ESMA's MOU announcement

Thursday 31st January 2019

Commenting on the announcement that ESMA’s Board of Supervisors has just approved a Memorandum of Understanding (MOU) between ESMA and the UK FCA, Chris Cummings, Chief Executive of the Investment Association, said:

“Today’s announcement that the text of a Memorandum of Understanding between ESMA and the FCA has been approved brings much needed certainty for asset managers seeking to finalise contingency plans, and we look forward to reviewing the detail.

“These 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. This is welcome news for millions of savers across Europe who together have some £1.8 trillion of savings managed by experts in the UK. Asset managers – and critically their clients – will now have the confidence they need that delegation to the UK will continue.

“We look forward to the FCA and the other EU27 regulators signing these MOUs without delay.”

-Ends-

Notes to Editors

For more information please contact:

David Parton: david.parton@theia.org

T +44 (0)20 7831 0898

M +44 7595 658589

About the Investment Association (IA):

  • The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 100,000 jobs across the UK.
  • Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
  • Our purpose is to ensure investment managers are in the best possible position to:
  • o Build people’s resilience to financial adversity
  • o Help people achieve their financial aspirations
  • o Enable people to maintain a decent standard of living as they grow older
  • o Contribute to economic growth through the efficient allocation of capital.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
  • The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe.