Regulatory Update: ESMA Opinion - General principles to support supervisory convergence
31 May 2017The European Securities and Markets Authority (ESMA) has today published an Opinion on General principles to support supervisory convergence in the context of the United Kingdom withdrawing from the European Union. The opinion sets out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27). The opinion is a practical tool to support supervisory convergence in the context of increased requests from UK financial market participants seeking to relocate to the EU27. It covers all legislation referred to in the ESMA Regulation, in particular the AIFMD, the UCITS Directive, MiFID I and MiFID II.
The opinion notes that ESMA will also develop sector-specific opinions in areas such as asset management, investment firms and secondary markets.
