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Luxembourg will win the most asset management business after the UK leaves the European Union as London becomes less attractive according to market participants.
The majority, 60%, of asset management professionals believe the UK has become less attractive as a fund domicile after the country voted last year to leave the European Union according to a survey sponsored by RBC Investor & Treasury Services at the FundForum International conference in Berlin in June.
The report, How Much Damage is Done, said: “Firms might avoid moving should passporting rights be allowed, and only a quarter of respondents to the survey expected the UK to lose passporting rights.”
Under a passport a firm’s authorisation to do business in one EU member state is recognised by all other member states, without the need to obtain a separate regulatory approval from each country. Passporting procedures depending on both the specific directive applies and the kind of passport that is being requested.
Learn more / En savoir plus / Mehr erfahren:
http://www.scoop.it/t/luxembourg-europe/?&tag=Brexit
The majority, 60%, of asset management professionals believe the UK has become less attractive as a fund domicile after the country voted last year to leave the European Union according to a survey sponsored by RBC Investor & Treasury Services at the FundForum International conference in Berlin in June.
The report, How Much Damage is Done, said: “Firms might avoid moving should passporting rights be allowed, and only a quarter of respondents to the survey expected the UK to lose passporting rights.”
Under a passport a firm’s authorisation to do business in one EU member state is recognised by all other member states, without the need to obtain a separate regulatory approval from each country. Passporting procedures depending on both the specific directive applies and the kind of passport that is being requested.
Learn more / En savoir plus / Mehr erfahren:
http://www.scoop.it/t/luxembourg-europe/?&tag=Brexit