Spanish financial regulatory body Comision Nacional del Mercado de Valores (CNMV) said it is ready to welcome UK-based financial institutions that wish to locate their business in the country as a result of the Brexit vote from earlier this year. The Spanish regulator has prepared a dedicated welcome program that would facilitate the transitioning process from the UK regulatory framework to the Spanish one.
The UK voted on 23 June, 2016, to exit the European Union (Brexit), causing markets to experience deep volatility and the British pound (GBP) to fall sharply on the Euro (EUR) to its lowest in more than 30 years. Financial institutions across the EU, and in the UK in particular, are facing significant challenges as a result of the Brexit vote. A license issued by UK’s Financial Conduct Authority (FCA) currently provides admission to all countries in the European Economic Area (EEA), but soon FCA license holders will loose access to these markets.
Do you think that between Brexit and the new FCA regulations many of these entities really will move?
The UK voted on 23 June, 2016, to exit the European Union (Brexit), causing markets to experience deep volatility and the British pound (GBP) to fall sharply on the Euro (EUR) to its lowest in more than 30 years. Financial institutions across the EU, and in the UK in particular, are facing significant challenges as a result of the Brexit vote. A license issued by UK’s Financial Conduct Authority (FCA) currently provides admission to all countries in the European Economic Area (EEA), but soon FCA license holders will loose access to these markets.
Do you think that between Brexit and the new FCA regulations many of these entities really will move?
