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Post-Brexit relocation: Stop 'letter-box' firms, EU tells regulators

Ireland had on an earlier occasion complained that it was being undercut by rival centres


Reuters  |  London 

Regulators should prevent investment firms from setting up shop in one jurisdiction to avoid stricter controls in their home state, the European Union's markets watchdog said, as centres such as Dublin, Frankfurt and Paris vie for business. EU authorities are concerned about a "race to the bottom" as financial services firms shift operations after Britain leaves the bloc in 2019, amid reports businesses are being set up that are effectively no more than postal addresses to take advantage of more lenient rules in some countries. Ireland has complained to the European ...

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First Published: Thu, July 13 2017. 22:22 IST