EU seeks tighter asset-manager rules with Brexit date looming
As Brexit trade talks approach their deadline, the European Union’s top markets regulator called for rule changes that could limit firms’ ability to manage money in the bloc from London.
By Silla Brush / BLOOMBERG
EU-based funds routinely delegate portfolio management to their own teams in London, New York and other places outside the bloc, or outsource it to other companies. The European Securities and Markets Authority said this practice increases risk, and “is likely going to further increase” once the U.K. leaves the EU. It recommended limiting delegation and holding fund managers to EU standards regardless of where they’re located.
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