Efforts to attract Brexit relocations have prompted certain commentators to warn against a race to the bottom on the part of some member state regulators. In response, ESMA has published an Opinion (here) intended to promote regulatory and supervisory convergence. The Opinion emphasises the need for an effective authorisation process and to avoid establishing “letter-box” entities. It is consistent with the Central Bank of Ireland’s ("Central Bank’s") recent public statements in relation to its approach to relocations.
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