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Bailey McCann, Opalesque New York:

The private funds business in Europe can be hard to navigate. Investment managers routinely complain of different rules and regulations in each jurisdiction, in addition to rules from ESMA. Speaking at the recent Opalesque France Roundtable, Vanessa Casano, Deputy Head of the Asset Management Regulation Division at the Autorité des Marchés Financiers (AMF), suggested there is a "supervisory convergence" on the horizon. She also noted that regulators are considering a pan-European pension option that could have significant implications for fund managers.

"Regulatory wise, we are shifting model," Casano says. "The objective is that each competent authority across the EU shares the same interpretation of the EU laws and applies them in a consistent way."

Currently, because of different interpretations of financial rules across jurisdictions, there is a regulatory arbitrage that can make it difficult for supervisors to take action. According to Casano, there is a growing concern among supervisory authorities that the inconsistencies across Europe could hurt investors as well as the reputation of certain EU vehicles like UCITS funds. Brexit is also putting pressure on EU regulators to move together in order to maintain a pan-European view of how to deal with British funds once Brexit is complete.

"We see merit in ESMA acting as more of a hub for various reasons - economies of scale in particular for the benefit of regulators and......................

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