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ALFI comments on the European Commission's proposition to give more supervising authority to the European Supervisory Authorities (ESAs)
Following the publication of the European Commission's proposed amendment to the ESA Regulation to give more supervising authority to ESMA, EBA and EIOPA, ALFI expresses its surprise and concern about the new role for ESMA in the authorisation procedure of delegation arrangements.
Denise Voss, Chairman of ALFI, says: "We question this proposed additional layer in the authorisation procedure, required when a fund wants to delegate part of its activities to third countries. This is increased bureaucracy, it lengthens time to market and it increases costs. This will undoubtedly have a negative effect on the...
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