The European Securities and Markets Authority (ESMA) has published three opinions setting out sector-specific principles aimed at supporting supervisory convergence in the context of requests from UK financial market participants seeking to relocate to the EU27.  The sector specific opinions relate to investment management, investment firms and secondary markets and build on the general, cross-sectoral opinion published by ESMA in May 2017.  The opinions are addressed to national competent authorities (NCAs) and are relevant for market participants considering relocating.

The opinions set out principles that seek to address regulatory and supervisory arbitrage risks related to relocation of entities, activities and functions following the UK’s withdrawal from the EU, in particular relating to:

Investment Management, based on the objectives and provisions of the UCITS Directive and Alternative Investment Fund Managers Directive (AIFMD) – this opinion addresses:

Investment Firms, based on the objectives and provisions of the MiFID framework – this opinion should also be read, where appropriate, together with the sector-specific opinion on secondary markets, and addresses:

Secondary Markets – this opinion relates to trading venues relocating to the EU27 and seeking to outsource activities to their jurisdiction of origin, and in particular:

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