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ESMA draws red lines to prevent 'letterbox entities' post-Brexit

By Hugo Coelho ( July 13, 2017, 16:28 GMT | Insight) -- Fund managers should face restrictions and more scrutiny if they attempt to create "letterbox entities" in the EU through "delegation" of activities to Britain after Brexit, the European Securities and Markets Authority has said. The regulator is seeking to prevent companies from nominally setting up shop in the EU to avoid trade barriers, yet continue carrying out the bulk of their activities in the UK.  Fund managers should face restrictions and more scrutiny if they attempt to create "letterbox entities" in the EU through "delegation" of activities to Britain after Brexit, the European Securities and Markets Authority has said....

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