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Brussels had announced a series of changes to the “delegation” rules that allow investment companies to manage money for clients in different countries after the Brexit referendum.

Under these rules, funds can be located and regulated in EU centres such as Dublin or Luxembourg while being managed from London, New York and Hong Kong.

The most crippling rule to the UK would have demanded national regulators to wait for approval from the European Securities and Markets Authority (ESMA), the EU financial regulator, before granting the rights to individual asset managers.

This would have made the process more expensive and removed the possibility of supervising it from national regulators.