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EU: Plans to move bank regulator out of London after Brexit vote

By  |  June 27, 2016

The EU is preparing to move its European Banking Authority from London following Britain’s vote to leave the Union, EU officials said, setting up a race led by Paris and Frankfurt to host the regulator.

Coming a day after Britain’s Jonathan Hill resigned and was replaced as EU financial services chief by the Commission’s “Mr. Euro” Valdis Dombrovskis, the move underlines how the City of London can expect to be frozen out of EU financial regulation—and possibly from Europe’s capital markets—depending on the terms of Brexit.

While those who argued for Britain to leave the EU said the financial industry would thrive without EU shackles, some of its biggest employers including JPMorgan are scouring Europe to find new locations for their traders, bankers and financial licenses.

The EBA, whose 159 London employees write and coordinate banking rules across the bloc, is expected to be relocated “soon,” two EU officials told Reuters.

Full Content: Fortune

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