UK financial firms may escape EU oversight of 'delegation' plans amid 'strong opposition'

23 May 2018 8:36am
European governments are pushing to scale back a proposal for EU agencies to police UK banks and fund managers seeking a Brexit workaround by having London managers remotely run companies in the bloc.

Legislation to put EU agencies in charge of overseeing such delegation and outsourcing faces “strong opposition,” Bulgarian officials leading talks on the bill said in a memo obtained by MLex.

National negotiators, meeting in Brussels tomorrow, will weigh amendments to keep their own agencies in charge of watching over the arrangements, under proposals by Bulgaria, which is leading legislative talks among Europe’s governments as current holders of the EU's rotating presidency.