The European Single Market Post-Brexit: Managing The Barriers
Maeve Verdon, Associate General Counsel, AIG Asset Management (Europe) Limited
The legal framework on which European based investment businesses operate is based predominantly on European Union (EU) legislation. For example:
• Property Casualty insurance - the applicable regulatory regime is primarily based on the EU non-life insurance directive (which created the pan-EU single market for non-life insurance) and the Solvency II directive (which governs the capital requirements applicable to the business); and
• Asset management – the applicable regulatory regime is primarily based on the Markets in Financial Instruments Directive (MiFID) which provides for a pan-EU single market for investment services), Capital Requirements Directive IV (CRD IV) which governs the capital requirements applicable to the business, and EMIR (which governs transparency on all European derivative transactions, and also requires standard derivative contracts, as well as margins for uncleared trades, to be cleared through Central Counterparties (CCPs).
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