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.”
Notes to Editors
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