The European Union’s market watchdog, the European Securities and Markets Authority (ESMA), said on Wednesday that “questionable practices” have emerged in investment services after Brexit.
“Firms are trying to circumvent the EU’s securities rules on non-EU countries providing investment services,” the ESMA noted and added that the provision of investment services without proper authorisation exposes service providers to legal proceedings.
Market reaction
This statement doesn’t seem to be having an impact on market sentiment. As of writing, the Euro Stoxx 50 Index was down 0.12% on the day at 3,616.
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