The European Single Market Post-Brexit: Managing The Barriers

Maeve Verdon, Associate General Counsel, AIG Asset Management (Europe) Limited, Ireland

The legal framework on which European based investment businesses operate is based predominantly on European Union (EU) legislation. For example: • Property Casualty insurance - the applicable regulatory regime is primarily based on the EU non-life insurance directive (which created the pan-EU single market for non-life insurance) and the Solvency II directive (which governs the capital requirements applicable to the business); and • Asset management – the applicable regulatory regime is primarily based on the Markets in Financial Instruments Directive (MiFID) which provides for a pan-EU single market for investment services), Capital Requirements Directive IV (CRD IV) which governs the capital requirements applicable to the business, and EMIR (which governs transparency on all European derivative transactions, and also requires standard derivative contracts, as well as margins for uncleared trades, to be cleared through Central Counterparties (CCPs).

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Ireland Regulation Banking & Finance February 2017 Vol.10, No. 38, Winter 2017

Maeve Verdon

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Maeve Verdon is lead counsel for the Irish branch of AIG Asset Management (Europe) Limited. Ms. Verdon is responsible for the legal and regulatory affairs of the Irish segment of the European investment management operations of AIG. Ms. Verdon joined AIG in 2009 as Legal and Compliance Manager for AIG Investments and the Asset Management segment in Ireland. She has more than 15 years of legal investments experience and has served in various management capacities including at Goldman Sachs and HSBC. Additionally, Ms. Verdon has held legal roles at A&L Goodbody, Zurich Capital Markets and AIB, where she started her career. Ms. Verdon holds a Master’s Degree in Social Sciences from University College Dublin, a Barrister-at-Law degree from the Honorable Society of King’s Inns, and a diploma in Financial Services from the Institute of Bankers in Ireland.

AIG Asset Management (Europe) Limited

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AIG Asset Management (Europe) Limited currently has two branches: London and Dublin. Business carried out in the London office is focused on advising and assisting clients (primarily insurance companies affiliated with AIG) with the management of investment assets and structuring or arranging investment transactions as agent. The Dublin office is responsible for the provision of global investment operational back office activities and EMEA Treasury Operations support.

Ireland Regulation Banking & Finance February 2017 Vol.10, No. 38, Winter 2017