17 Jan 2019
European Union finance ministers are set to put on hold a plan to strengthen the bloc’s financial watchdogs, as some states led by Luxembourg oppose ceding their national powers to supervise money managers, according to EU officials and documents.
The reform, proposed by the EU executive commission in 2017, was backed by EU lawmakers last week. A leading lawmaker said it would help prevent London-based investment funds exploiting sweeteners in some EU states after Britain leaves the bloc.
But at a monthly meeting on Jan. 22, ministers are expected to put most of the plan up for further discussion, while moving ahead only with a part that involves limited reform of bank supervision against money laundering, a priority for the bloc.
– By Francesco Guarascio, Reuters, 16 January 2019.
Link to Reuters.
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