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London spared Brexit pain as EU avoids fund delegation overhaul

The European Union is set to tighten rules on how funds can be managed from outside its borders, while skirting more-drastic changes that the fund-management industry warned would disrupt long-standing business models.

Foto: AP/Kirsty Wigglesworth

Proposals from the European Commission include a new requirement for at least two full-time senior managers to be present in the bloc, according to draft documents obtained by Bloomberg. Funds will also need to notify regulators when the majority of their assets are managed outside the EU.

Still, the suggested changes aren't the root-and-branch overhaul that some in the industry feared might emerge from the review of the Alternative Investment Fund Managers Directive and would have undermined one of the pillars of the City of London...

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