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An EU financial watchdog cautioned London-based entities against creating “letterbox” offices in the region to secure their market access following Brexit.
On Wednesday, the ESM outlined guidance for companies planning to move their offices prior to an anticipated influx as Britain's departure from the bloc inches closer.
The nine relocation prerequisites set forth by the regulator include administrators should validate the objective rationale for the transfer.
ESMA head Steven Maijoor said the new rules is designed to ensure that firms cannot get around regulations on overseas access to European financial markets.
He added they intend to make sure that supervisors do not compete with one another to lure businesses by employing a light approach in their regulation of the industry.
