Germany’s financial supervisory authority is opening its doors to British asset managers as the UK and EU prepare to negotiate the terms of Brexit.
BaFin plans to hold a Brexit workshop next month, aimed mainly at UK asset managers thinking about relocating to Germany.
The regulator said it would set out its administration and supervisory practice in relation to the asset management sector, including its licencing procedure for asset management companies, delegation issues, and marketing notifications from third countries.
The regulator said: “Brexit will likely have an impact on the regulatory and business environment of asset management companies and investment funds located in the UK, in particular in relation to cross-border business.”
Germany and other EU countries are vying to attract asset management business from the UK as a result of the country deciding to exit the EU. The French asset management association, AFG, for example, has been active in seeking to promote Paris as a hub.
There is a concern that asset managers in the UK will lose the ability to establish branches, or market and distribute funds freely throughout the European Union as a result of the country’s pending exit from the bloc.
Other concerns, as noted in a recent Brexit guide from the CFA Institute, are possible restrictions on the management of assets from the UK for clients based in the EU, and reduced labour mobility.
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