EC umbrella plan dismays foreign banks
EU intermediate holding company proposal complicates legal entity structures and Brexit planning
On November 23, when the proposed revamped European Commission capital rules were released, a collective howl of protest echoed through the halls of non-European banks. There, in less than 300 words, European Union regulators threw into question years of work on legal entity and resolution planning, as well as adding an extra complication to the already fraught Brexit negotiations (see box: Brexit blues), with a requirement for foreign banking groups to consolidate all their subsidiaries under a
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