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

London has been a global financial center longer than NY, for it to lose its financial status foreigners who bank there have to move their assets out of London. Last time I checked Russian oligarchs and Middle Eastern oil sheikhs own half the most desirable parts of West London. Besides foreign investment leaving other factors like language, ease of doing business and time zone ( time zone not so much with Paris but with Frankfurt) are also going to be factors.
 
dealmaker said:
London has been a global financial center longer than NY, for it to lose its financial status foreigners who bank there have to move their assets out of London. Last time I checked Russian oligarchs and Middle Eastern oil sheikhs own half the most desirable parts of West London. Besides foreign investment leaving other factors like language, ease of doing business and time zone ( time zone not so much with Paris but with Frankfurt) are also going to be factors.
More...

This reminds me of the crys of all the Wall Street firms leaving NY for West Palm Beach. Yeah, like three tiny little funds moved down there. I just don't understand the logic why people think this would happen. One of the perks to being rich and having a nice job is you get to choose where you want to live. You don't have to move and uproot your family to save a buck. Now southern France....I would think about it. But Paris or Frankfurt? Are you kidding me? I remember when Goldman built their latest tower in Jersey City across the Hudson. NOBODY wanted to move there. That was right across the river. So you know who got forced to move? All the IT people. Hahahahahaha.
 
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?
More...

France is one of the WORST country to do business in Europe. The laws they have for employment, bankruptcy and liability of management just isn't suited for any capitalist enterprise. All the smart frenchies work in London and New York and the only ones who are still in France are the ones you don't want to hire.

In order for France to get enough attention, they would need to :

- Reform the tax code, entirely. You just can't pay 80% of taxes as soon as you make 10k€ a month. (When you account for VAT and business rate, the 80% figure is actually quite accurate).

- Reform the employment laws. You can't fire anyone in France unless you can prove you're going bankrupt.... so you don't hire.

- Offer better management of liability for creditors. A company can owe you money, it'll take 10 years before something actually happens legally (figure of speech).

- Better public services: everyone who works for the government in France just wants to f*ck you up. They don't have this UK mindset of thinking "let's sort this out quickly so that we can all make money". They have the mindset of "let's waste our time so that I can go home and work on only 1 file today".

- etc. etc.
 
I'd say the main reason people badmouth France: not easy to corrupt easily. People can try ( foreigners have tried to import there their corruption systems), but sooner or later a clean up takes place. And many are actually agrieved who have to deal with French judges ( "karachi" affair where even Menaker was "interviewwed", etc).
Also, London is well known to be a place to launder money, this would be difficult in France. Yes, the employment laws are such that French citizen would not hesistate to report you discretely : you can't corrupt them via fear of unemployment.

Another reason people badmouth France: after robbing their own nations of its wealth, unfortunately when they come to settle in France, the citizen do not approve of showing off money robbed to the population that later shows up as refugees. The oil shecks from the Middle east are closely associated in the psyche with the poor asylum seekers from these same regions. The Russian oligarchs are said to have made their money via dismanteming Russian people's assets. French would not tolerate French politicians and their families robbing the taxpayers to go and live the high life overseas : so why should French people accept foreign politicians and their families doing so?

Also, the type of crimes committed in the UK would be difficult to commit with impunity in France.
It would be very questionnable for a Russian to be assassinated via polonium by Russian oligarchs on French soil, and the oligarchs responsible being left scott free, like it happened in London.

And actually, after the 2008 financial crisis, some London traders came back in France as unemployed and none of them spit on their generous employment benefits given by the French government when they returned. They did not need to go and work as taxi drivers like US traders had to.

And lately, France is looking to change its laws regarding "rich" foreigners ( including middle east officials) who when ill shop around and discover that France has one of the best medical care in the world. France is no longer going to tolerate them using the French medical system for free like they are also citizens. When ill, they don't badmouth France, but run there forgetting that this system was hardly won by its population.

Let's just say, France has different set of values : no anglo-saxon value system, just different.
Now, all said : all legit business, all clean money, all business practices that respect the employees are fully welcomed to France. The really generous business subsidies are there. But only for legit stuff. And Amen to that. Nice to know there are few countries with real values, and not just kissing foreigners' a$$ for $$$.

 
Last edited:
And for those who are into manor or chateau's lifestyle, AND want discretion/humility/zero publicity for around a few million bucks, the EAST of paris, just 15 minutes car ride has such properties:
http://www.cabinet-bougon.com/house-for-sale-le-raincy-3443
Some areas are actually marketed and arranged for foreigners so that they can live with their values and practices without disgusting too much French people. Some others are mainly for locals ( the area above is exclusively locals).
Obviously France has to struggle with the "refugees" created by American foreign policy. Just thank France not to have shipped them straight to America. A bit of gratitude goes a long way :D :D :D
 
Last edited:
You must log in or register to reply here.
Back
Top