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24 June 2018

Financial Times: German investment body calls for ‘unhindered access’ post-Brexit

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The association representing German asset managers wants “unhindered access” to investment services provided by the City of London after the UK leaves the EU.

The comments by the German Investment Funds Association (BVI) will be seized on by Brexit supporters as evidence that European investors want the EU and UK to maintain open financial markets.

[...]The BVI said “proper and unobstructed” access to London investment services was crucial. “The importance of such access will significantly increase in the event of Brexit,” said the BVI in a policy paper seen by the Financial Times.

The association has also called for European fund managers to be allowed continued access to trading and clearing facilities based in London due to gaps in the EU’s market infrastructure. [...]

The BVI said the third-country regime for investment companies after Brexit should be “thoroughly redesigned” to ensure a “detailed and granular” equivalence assessment of systemically important services and activities. But it also cautioned European parliamentarians against “rushed decisions” in amending rules covering third countries.

The BVI urged that no new restrictions should be placed against reverse solicitations, when institutional investors seek advice from financial service providers based in a third country. 

Full article on Financial Times (subscription required)

© Financial Times

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