The European Parliament’s Economic and Monetary Affairs Committee will vote this evening on new rules for investment firms. The new law applies not only to investment firms inside the EU, but also sets rules for what third country investment firms can do inside the EU.
“More than half of all European investment firms come from the United Kingdom and will soon be from a third country. With the new set of rules, we will make sure that those British firms, like any others which come from a third country, remain subject to the EU regime and will have to set up camp in the EU if they want to perform certain services such as trading on own account or underwriting”, explained Markus Ferber MEP.
“We want to ensure that there is a level playing field. The review of the rules for investment firms is part of the EU’s strategy to get ready for Brexit. The new regime will also be more proportionate and more tailored to the specific risks of investment firms’ business models”, Ferber added.
Markus Ferber is the EPP Group’s Spokesman in the Committee on Economic and Monetary Affairs and at the same time, Parliament’s negotiator of the new rules.