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New European Union hubs opened by British-based financial firms to avoid Brexit disruption will be scrutinised next year by the bloc’s markets watchdog to check whether they are gaming licensing requirements.
Axar.az reports citing Reuters.
This signals how the bloc will keep up pressure on new hubs to meet licence terms, even if Britain secures a divorce settlement with a standstill transition period to the end of 2020 after the deadline for Brexit.
And it echoes pressure from the European Central Bank (ECB) on new EU banking hubs.
More than 300 investment firms, asset managers, banks, insurers and trading platforms in London have opened hubs in other EU countries in preparation for business after Britain’s planned departure, which has now been delayed three times.
As a result of Brexit, the European Securities and Markets Authority (ESMA) has entered a “completely new area of supervisory convergence” to avoid unfair competition, its chair Steven Maijoor told the European Parliament on Monday.
2019.11.05 / 09:11