EU watchdog backs advice

÷ THE European Union’s securities watchdog has defended its disputed guidance on how asset managers in Britain can run funds based in the bloc after Brexit.

The European Securities and Markets Authority (ESMA) has issued guidance on “delegation”, or an asset manager in one country running a fund based in another. Asset managers in Britain run many funds listed in EU states like Ireland, but managers say the ESMA guidance could make delegation unworkable by forcing them to relocate from Britain.