European Supervisory Authority (ESA) Review—Portfolio Delegation

MFA supports the longstanding model of financial portfolio delegation and outsourcing arrangements that have served EU pension funds and investors well for decades. Through portfolio delegation arrangements, Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs) in Europe have access to global capital markets and the most successful investment managers around the world. MFA believes that national competent authorities are best placed to approve and supervise such delegation arrangements.