The European Securities and Market Authority (ESMA) has published three sector specific opinions in the areas of investment firms, investment management and secondary markets in order to foster consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the UK.

The opinion addresses a range of regulatory and supervisory arbitrage risks including provisions of the UCITS Directive, AIFMD and the MIFID/MiFIR framework. If you have any questions in relation to these opinion, please contact Jennifer Wood regarding the investment management opinion and Adam Jacobs-Dean regarding the investment firms and secondary markets opinions.