Question to the HM Treasury:

To ask Her Majesty's Government what reassurances they can offer UK asset management firms in response to concerns regarding potential changes to delegation rules following Brexit.

The government recognises that the ability to delegate functions on a cross-border basis is vital to the strength of the UK asset management industry and the delivery of the best possible outcomes for investors.

On 6 December 2017, the government published the Investment Management Strategy II, which sets out a long-term approach to ensure that the UK remains a competitive global centre for asset management.

Within this strategy, the government outlined its view that delegation arrangements work well with appropriate oversight and regulatory cooperation. The government also committed to work with other jurisdictions to ensure global regulatory coherence within asset management and to preserve the ability to delegate functions, such as portfolio management, from one jurisdiction to another.