Reuters: ESMA to stop Brexit ‘race to bottom’ by financial centres

The European Union’s markets watchdog will issue guidance and possible curbs for national regulators in coming weeks to stop a “race to the bottom” to attract UK-based financial firms after Brexit, it said on Tuesday.

Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), outlined how the watchdog will keep national regulators toeing the EU line on authorising firms, confirming a Reuters article last month.

“This work is aimed at avoiding competition on regulatory and supervisory practices between member states, and a possible race to the bottom, which might be detrimental to the capital markets union,” Maijoor said in a speech in Brussels.

The full article is available here.

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