European Securities and Markets Authority
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Battle focuses on what EU sees as bloc’s over-reliance on London’s clearing houses handling euro-denominated derivatives.
Close scrutiny of UK financial firms’ European Union outposts will continue indefinitely, the bloc’s securities watchdog said, as regulators begin a round of new checks on how they are operating.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is today publishing its Peer Review Report on National Competent Authorities’ (NCAs) handling of firms’ relocation to the European Union (EU) in the context of the UK’s withdrawal from the EU.
To avoid unfair competition, the bloc's markets regulator promises to closely examine British-based financial firms.
Mandatory clearing of derivatives contracts by pension funds in the European Union should start in June 2023, helping the bloc to cut reliance on London, the EU's securities watchdog said on Tuesday.
This is the latest move in an ongoing battle from EU regulators to ensure more financial services business moves back to the bloc after the UK's split with the EU.
Europe’s top securities watchdog wants London-based hedge funds and asset managers to prove they have built up a presence in the European Union after Brexit.
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◈ banking ×4
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