Banking Law

EU Watchdog Warns Post-Brexit U.K. Finance Is Skirting Rules (1)

Jan. 13, 2021, 12:15 PM

Less than two weeks after Brexit fully kicked in, European regulators are warning that some U.K. financiers are already resorting to “questionable practices” to improperly preserve their previous business arrangements.

The Paris-based European Securities and Markets Authority said some companies outside the bloc are skirting rules on solicitation, which allow firms to do business for an EU client only when the customer has sought it on their own.

In some cases, firms are trying to circumvent MiFID II regulations by using online pop-up “I agree” boxes that claim transactions are made on a client’s exclusive initiative, ESMA said.

“This is...

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