KPMG's Patterson: Shifting sands for cross-border business

Julie Patterson, director in KPMG's investment management team and its head of Brexit, takes a closer look at the challenges for European regulators to bring about a consistency of approach.

Existing cross-border business models are being called into question as three separate debates coalesce: supervisory convergence, third-country provisions and of course Brexit.  Supervision of cross-border business needs to be more consistent but in the current environment fragmentation looks more likely.  ESMA has been the first to throw its hat into the ring. Its 2017 Supervisory Convergence Work Programme aims to promote sound, efficient and consistent supervision across the European Union.  It commits itself and the national regulators to eight cross-cutting activities and seve...