EU regulators prepare to close Brexit loopholes

Isda AGM: new guidelines aim to prevent EU brass plates with large London operations

Old-letterbox-Portugal_Getty-web
No letterboxes please, we’re European

Two leading European Union regulators have indicated they are already working on rules designed to prevent financial firms with large UK operations from obtaining EU licences while maintaining most of their actual presence in London after the likely departure of the UK from the single market in March 2019.

“There would be the risk of having letterbox entities or not sufficiently substantive entities in the EU27, and then [firms could] on the basis of outsourcing and delegation keep most of the

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