European Union governments and lawmakers have reached a deal on tighter supervis...
BRUSSELS - European Union governments and lawmakers have reached a deal on tighter supervision of investment firms that offer “bank-like” services, including proprietary trading and underwriting of financial instruments.
The deal, reached late on Tuesday and which confirms an agreement in January by EU states, will boost the European Commission’s powers in overseeing foreign financial firms operating in the EU, giving Brussels more clout over London-based financial firms after Britain leaves the EU. “The agreement further strengthens the equivalence regime that would apply to third country investment firms,” the EU said in a statement, adding more powers would be given to the Commission to assess whether foreign rules are compatible with EU regulations.
Under the new rules, that require a final rubber stamp by the European Parliament and the EU Council, the Commission would assess whether foreign investment firms operate as banks. In that case they would be subject to stricter conditions, especially if they are deemed “of systemic importance”.
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