France speeds up licensing for UK financial Service Providers in Brexit context

mlawson71 · Oct 2, 2016

France’s financial regulatory body, the Autorite des Marches Financiers (AMF), said on Wednesday it is, together with the Autorite de Controle Prudentiel et de Resolution (ACPR), simplifying and speeding up the licensing procedures for financial service providers licensed in the UK. The move is triggered in the context of Brexit as the French authorities are preparing to British-based institutions that wish to locate their business in France.

Do you think there will be an exodus of UK-based financial service providers to EU countries if or when Brexit becomes a reality?

java · Oct 2, 2016

if they had done that in the first place there would be no brexit

Maverick74 · Oct 2, 2016

mlawson71 said:
France’s financial regulatory body, the Autorite des Marches Financiers (AMF), said on Wednesday it is, together with the Autorite de Controle Prudentiel et de Resolution (ACPR), simplifying and speeding up the licensing procedures for financial service providers licensed in the UK. The move is triggered in the context of Brexit as the French authorities are preparing to British-based institutions that wish to locate their business in France.

Do you think there will be an exodus of UK-based financial service providers to EU countries if or when Brexit becomes a reality?

Let me put it this way. The state of Texas has no state income taxes, loose regulations, great bankruptcy laws. NY and CA are the exact opposite. And yet I have friends that would rather fire a pistol on their mouth then leave NY or CA for TX. Oh firms tried to move to TX. They setup offices in Houston, Dallas and Austin but when they asked who wanted to move to these offices, nobody wanted to volunteer to go. The same will be true of London. London is one of the greatest cities in the world. Paris is a shithole outside of the main touristy areas. The banks and financial companies can set up offices there but when they ask their employees who wants to move there, the same thing will happen.

Martinghoul · Oct 2, 2016

Maverick74 said:
Let me put it this way. The state of Texas has no state income taxes, loose regulations, great bankruptcy laws. NY and CA are the exact opposite. And yet I have friends that would rather fire a pistol on their mouth then leave NY or CA for TX. Oh firms tried to move to TX. They setup offices in Houston, Dallas and Austin but when they asked who wanted to move to these offices, nobody wanted to volunteer to go. The same will be true of London. London is one of the greatest cities in the world. Paris is a shithole outside of the main touristy areas. The banks and financial companies can set up offices there but when they ask their employees who wants to move there, the same thing will happen.

This is correct and there are a few other things which make Paris (and Frankfurt) a non-starter... The main thing, though, is even simpler than that. It's simply the English language.

mlawson71 · Oct 3, 2016

java said:
if they had done that in the first place there would be no brexit

Was there even a need to do that at the time, considering that the EU is a free trade zone?

java · Oct 3, 2016

mlawson71 said:
Was there even a need to do that at the time, considering that the EU is a free trade zone?

true, I was talking more about streamlining, simplifying and speeding up all EU regulations.

luisHK · Oct 3, 2016

Maverick74 said:
Let me put it this way. The state of Texas has no state income taxes, loose regulations, great bankruptcy laws. NY and CA are the exact opposite. And yet I have friends that would rather fire a pistol on their mouth then leave NY or CA for TX. Oh firms tried to move to TX. They setup offices in Houston, Dallas and Austin but when they asked who wanted to move to these offices, nobody wanted to volunteer to go. The same will be true of London. London is one of the greatest cities in the world. Paris is a shithole outside of the main touristy areas. The banks and financial companies can set up offices there but when they ask their employees who wants to move there, the same thing will happen.

English language and taxes might come on top of Paris shitolism when it comes to dissuade international financial employees to move there. One can actually divide Paris between East and West somewhere around the Jardins des Tuileries, as the poor and well off neighbouroughs, no reason for anyone with a high income to hang out in Eastern Paris, which as a matter of fact they seldom do. Allahwakbarring mass murderers in recent memory so far have only hit in the eastern neighbouroughs btw, I can't quite figure out why but at least it feels they are still hitting a foreign country ( anything out of the Auteuil Neuilly Passy triangle beeing considered a foreign country, for those who know the song and the realities of Paris' bubbly life).

felixbocharov · Oct 3, 2016

Of course, there will be a backlash, Brits were thinking that they gonna keep all the perks. lol

Michael J. Fletcher · Oct 3, 2016

Why on Earth did they decide to leave the EU? Populists like Johnson created a tremendous tumult in the world, And now they will lose their financial sector, then they going to lose Scotland. The whole referendum should be rescinded.

Maverick74 · Oct 3, 2016

Michael J. Fletcher said:
Why on Earth did they decide to leave the EU? Populists like Johnson created a tremendous tumult in the world, And now they will lose their financial sector, then they going to lose Scotland. The whole referendum should be rescinded.

What a drama queen. LOL. London is not losing the financial sector. Let me guess, the sky is falling as well? Great, I'll keep an eye on that too.