16 May 2019
The European Commission is working on its largest regulatory push on banking since the financial crash that could curb Britain’s access to the bloc, according to an internal draft document seen by Reuters.
In the 12-page strategy document, EU officials outline provisional financial services plans for the bloc’s executive body, which sets the legislative agenda, and is due to see a change of top officials this year for a new five-year term.
The document makes clear that there will be an acceleration of financial regulation, after many years when little has happened following the wave of rules after the financial crash.
It suggests a review of the capital framework that would extend the extra capital buffer imposed on the world’s biggest banks, including Deutsche Bank, to other important institutions like settlement houses.
The document outlines the possibility of “concentration charges” on banks’ holdings of risky government debt, a step global regulators have so far shied away from.
By Huw Jones, Reuters, 15 May 2019
Read more at Reuters
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet