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Bank of England announces plans that will allow EU banks to keep operating in the UK more easily after Brexit. Plans centre around allowing EU lenders to operate branches, rather than subsidiaries in Britain. New proposals announced as the BoE publishes its findings on its “Approach to the authorisation and supervision of international banks, insurers and central counterparties. LONDON — The Bank of England has proposed a set of new plans that will allow European lenders offering wholesale finance to keep operating almost as normal in the UK once Britain leaves the EU. UK’s financial system is both a national asset and global public good. Keeping the UK’s financial system open to foreign institutions is in the best interests of the UK, EU and global economies.
As such, it proposed a series of new regulatory measures designed to deal with the UK financial sector’s uncertain future outside the EU. Specifically, the types and amounts of business undertaken will determine the intensity of the PRA’s approach to supervision. If the branch is important for the resilience and stability of the UK financial system as a whole, the PRA will place greater emphasis on the degree of influence and visibility that it has over the firm. Due to current EU regulations, most major European lenders operating in the UK do so through branches, which offer an easy, cheap way of moving money and services around the continent.