Category Regulatory


As a result of BREXIT, many financial institutions will have to relocate all or part of their management activity in Europe in order not to lose the European passport. As a result, regulators in the EU 27 states will receive numerous requests for authorisation to set up in their territory. ESMA therefore wished to issue this opinion so that a guideline could be given on the processing of relocation requests in Europe, which must of course comply with European legislation, particularly Directives 2009/65/EC7 (UCITS) and 2011/61/EU8 (AIFM).
On 25 May 2018, you will be subject to a material risk of financial penalty amounting to 4% of your annual turnover.


The need for renewal requests

The ESMA States first of all that the files deposited with the national regulators will have to include all the necessary documents to prove that all the standards are complied with. Thus, an entity previously established in the United Kingdom will not be able to avail itself of its ex-European status in order to receive preferential treatment and its application should be treated as that of a company established in a third State in the EU.
As such, it calls on the authorities to be particularly vigilant about the structure of the group in which the entity to be transferred is included, in particular if the contractors are located outside the EU, so that, in particular, this Organization does not block the control capacity of regulators. It states that the choice to establish itself in a particular State must emanate from objective considerations-no "regulatory dumping".

As you're already in London for the LAC 2018, why not arrive a few days earlier and head to Affiliate Summit Europe 2018 too? The event gives you fantastic insight into what's next on the performance marketing horizon.