Differences over equivalence are contributing to deteriorating EU-UK relations. The UK has granted equivalence to EU financial services firms. The EU has not reciprocated despite the UK being more aligned with it than any other country.
Differences over equivalence are contributing to deteriorating EU-UK relations. The UK has granted equivalence to EU financial services firms. The EU has not reciprocated despite the UK being more aligned with it than any other country.
Mairead McGuinness, EU Commissioner for financial services, has said that the UK will not be given equivalence if there is ‘wide’ divergence. Rishi Sunak, the Chancellor, has identified areas where the UK will diverge, with others to follow. Will this be too much for the EU?
The Commission’s consultation on AIFMD has just closed. AIFMD changes are expected in the third quarter. How does the UK’s departure from the EU affect the Commission’s calculations? AIFMD was aimed primarily at UK managers.
ESMA has reminded UK managers of the MiFID II rules on reverse solicitation and pointed to some ‘questionable practices.’ Providing investment services in the EU without authorisation can lead to criminal proceedings, it says.
Regulatory divergence between the EU and UK will be a big theme this year. Chancellor Rishi Sunak has given an early indication of areas where the UK will diverge. Nor will the UK adopt the SFDR, the EU’s extensive ESG regulation.
Crestbridge
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Harmonic Fund Services
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Sherizia Razzaque, Group Marketing Lead, Segments,
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JTC Fund Services
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Prescient Fund Services
Irish regulated, independent Fund Administration
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C3 Post Trade Limited
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FM Consult
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Crestbridge
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Daniela Klasén-Martin, Group Head of Management Company
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Fuchs Asset Management
Timothe Fuchs, CEO
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IQ-EQ
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Sherizia Razzaque, Group Marketing Lead, Segments,
T: +230 213 8917
Sherizia.Razzaque@iqeq.com
Justin Partington, Group Head of Funds,
T: +352 466111 3852
justin.partington@iqeq.com
https://iqeq.com
JTC Fund Services
James Tracey, Managing Director – Guernsey
T: +44 1481 704 755
James.Tracey@jtcgroup.com
www.jtcgroup.com
ONE
Steve Bernat, Founding Partner
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steve.bernat@one-gs.com
www.one-gs.com/
Prescient Fund Services
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Rob Childs, Head of International, Prescient Fund Services
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Robert.childs@prescient.ie
www.prescient.ie
Clarus Risk Ltd
Risk reporting
Max Hilton, Managing Director
T: +44 (0)1481 231815
info@clarusrisk.com
www.clarusrisk.com
RiskSystem
Risk Management Solutions
Simon O'Sullivan,
T: +353 1 551 4471
simon.osullivan@risksystem.com
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