The Asset Management Delegation Model: Continuity Of The Entente Cordiale?
If I were to come up with a mantra for ESMA it would, beyond the shadow of a doubt, include 'foster consistency' and 'supervisory convergence', phrases that are invariably mentioned in just about every document or speech made by the Paris-based European Securities and Markets Authority.
With this mantra underpinning its actions, last summer ESMA issued a Brexit opinion in the area of investment management, giving national authorities practical guidance when reviewing relocation requests from the UK. The aim is ensure consistent interpretation of the requirements, including those relating to delegation and to the effective supervision of delegates. The opinion does not rewrite the rules on delegation and is in line with CSSF practice; however, applicants will see their file being discussed in a newly created forum (the Supervisory Coordination Network), a formal bi-monthly meeting of the EU27 authorities. While the cross-border delegation model is tried, tested, and highly successful in Luxembourg, it may be much less familiar in other EU countries that have more of a domestic industry focus.
So how should AIFMs/UCITS managers prepare for the additional layer of regulatory scrutiny of their cross-border delegation models, and show that they are managing the risks properly? In my view, investing management time upfront in formulating a comprehensive business plan is key to securing more timely results in the regulatory approval process. The reasons for and benefits of delegating portfolio management to regulated firms in other specialised financial centres should be clearly explained. A...
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