ECB tells banks might try avoiding its supervision after Brexit

ECB tells banks might try avoiding its supervision after Brexit

European financial institutions might try exploiting loopholes as well as differences in national rules for the purpose of getting looser regulation or evading ECB rules altogether, especially after the United Kingdom quits the EU, as two ECB regulators told on Friday.

Daniele Nouy and Sabine Lautenschlaeger renewed their calls for closing gaps in EU rules, which put investment companies and bank branches outside the European bloc’s banking supervision.

Fewer than 10 of 40 financial institutions, doing business in the European Union from London have already applied for an ECB license just to keep operating in the EU after the UK leaves, as Reuters informed the previous week. Instead, other banks are considering setting up market units, supervised by national authorities.

Delivering a speech earlier in Helsinki, the head of the ECB's supervisory arm, Nouy had told that financial institutions might be shifting their operations to countries with less strict regulation or simply moving activities into the shadow banking sector.

 

Similar

USD Gains Momentum
USD Gains Momentum

The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

US Evades Default This Time
US Evades Default This Time

Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera