ZBB 2019, 297
A tightened European framework for banks following Brexit
Brexit has worked as a catalyst for a gradual reshaping of the European bank regulatory landscape. Guidelines and opinions from the European Supervisory Authorities and supervisory expectations promulgated by the European Central Bank have led this trend. This is problematic because policy changes are made simply through regulatory activity rather than deliberate choice of the European Council and the European Parliament. This article makes those policy choices transparent and assesses their impact on business models of internal banking groups.
Inhaltsübersicht
- I. Introduction
ZBB 2019, 298
- II. Strengthening the substance of bank subsidiaries in the EU
- 1. Legal framework
- 2. Avoidance of “empty shell” banks
- 3. Local substance of senior management
- 4. Dual-hatting arrangements
- 5. Secondments and employing entities
- 6. Risk management and back-to-back booking models
- 7. Local origination, remote booking and access to FMIs
- 8. Price verification and transfer pricing arrangements
- 9. Use of third-country branches
- III. Tightening outsourcing framework
- 1. The new EBA guidelines and their link to Brexit policies
- 2. Outsourcing of functions of banking activities to third countries
- 3. “Outsourcing” by banks to their third-country branches
- *
- *)Dr. iur., Partner, Freshfields Bruckhaus Deringer LLP, Frankfurt/M.
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