Faced with the prospect of losing their EU passporting rights, many UK financial firms are relocating within the EU27. Amid concerns of regulatory arbitrage playing a part in relocation choices, ESMA has set out its minimum authorisation and supervisory standards in a series of general and sector-specific opinions. These opinions apply existing legislative and supervisory practices to the specific case of Brexit and essentially act as indirect guidance to relocating entities on compliance with authorisation and supervision standards. In this briefing we consider the recently issued opinion on investment management, which covers authorised UCITS management companies, self-managed investment companies and authorised AIFMs. 

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