15 Feb 2019
FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday.
“Not all SSM banks are currently fully compliant with the SSM’s respective supervisory expectations,” said Wuermelling, referring to the euro zone’s Single Supervisory Mechanism that includes the European Central Bank and regulators from the 19 countries that use the common currency.
“In particular, all banks must ensure that they have relocated sufficient staff to the EU 27 entities,” he added.
– By Francesco Canepa, Reuters, 14 February 2019.
Link to Reuters.
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