Banks

New rules make sure that British investment firms also have to obey EU rules

“Less risk, less bureaucracy. Financial market supervision must be proportionate according to size, complexity and the systemic relevance of market participants”, said Markus Ferber MEP and Othmar Karas MEP today, welcoming today's adoption of the reform of the European Financial Markets Supervisory Authorities and of the new rules for the supervision of investment firms.

"This reform makes the supervision of European financial markets stronger, more effective, more efficient and better prepared for globalisation, digitisation, Brexit and against money laundering", explained Karas, who is Parliament’s Co-Rapporteur of the comprehensive overhaul of the supervisory system.

Less risk, less bureaucracy.
Markus Ferber MEP and Othmar Karas MEP

“The new rules make sure that British investment firms also have to obey EU rules if they want to provide services within the EU after Brexit. This is important because more than half of all active investment firms come from the United Kingdom”, said Ferber, who is Parliament’s Rapporteur of the new prudential rules for investment firms.

Both reforms have been agreed on with EU Member States and adopted today in Parliament by a large cross-party majority.

NOTE TO EDITORS

The EPP Group is the largest political group in the European Parliament with 217 Members from 28 Member States

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