Verena Ross has spoken on the challenges for fund managers. She spoke briefly of how the sector has responded to the pandemic so far, but focussed on Brexit. She said that firms have now had 4 years to prepare for the UK leaving the EU, and that ESMA has been working with NCAs to address the challenges created. She said many fund managers had relocated to the EU.
She moved on to discuss the AIFMD review, and the focus on delegation and substance requirements. She spoke particularly of supervisory convergence with the UK. She said ESMA appreciates the benefits of delegation and its importance, and therefore the need to keep an open global model. But still, she said it is important that entities authorised and supervised in the EU remain ultimately in charge of key business functions and decisions.
She finished by speaking of ESMA’s work on the ESG agenda as it affects funds.