French regulator asks UK funds about Brexit plans

LONDON (Reuters) – The French financial markets regulator said on Thursday it had written to UK-based investment firms active in France and French firms with UK clients to ask about their preparations for Britain’s departure from the European Union.

The Autorite des Marches Financiers said it wanted UK-based firms to clarify the status of their operations in France, how they were preparing for the loss of an EU financial ‘passport’ and offered them a “direct discussion” over the issue.

“We are one year before Brexit. We want to anticipate the impact of the Brexit on the French market,” Xavier Parain, Managing Director in charge of the Asset Management Directorate of the AMF, said.

“So, yes, we confirm we sent a letter to companies that have an active passport for the French market just to be sure that UK investment managers have taken into consideration the uncertainty and that they are preparing appropriately to any kind of event linked to Brexit.”

The AMF had also asked the same questions of French firms working with UK clients, he said.

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