JPMorgan’s fine for outsourcing functions without permission shows the Irish regulator's determination to avoid becoming the home for brass-plate financial companies.
Any bank or fund's business model that involves carrying out major functions outside Ireland will need at the very least a backup plan. Failing to notify even blameless arrangements or modifications to Irish regulators could cost dear.
That will be significant for the many UK-based firms looking to shift operations across the Irish Sea to maintain their presence within the EU’s single market while keeping a foothold in the City of London.
JPMorgan's Irish fine sounds alarm for funds relocating from UK
27 June 2019 7:57pm