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EU watchdog issues licensing guide for Brexit rush of financial firms 

May 31, 2017

Huw Jones, Reuters

"The European Union's securities watchdog has published guidance to stop national supervisors from competing unfairly with each other to woo financial firms in a post-Brexit rush from Britain.

Dublin complained to Brussels that rival financial centres were offering a "back door" to the EU's single market through lax rules.

In response to such concerns, the European Securities and Markets Authority (ESMA) said on Wednesday that national regulators need to prepare for greater demand for licences as financial firms in Britain seek to relocate to an EU of 27 countries after Britain's departure in 2019."

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