Posted on Oct 1, 2021 9:52 AMUpdated Oct 1, 2021, 10:19 AM
Brexit has placed the world’s second largest financial center at the gates of Europe, creating a real threat to the competitiveness and attractiveness of European players. Place de Paris is alarmed. She even cries out for unfair competition. Not only is the City considering how best to adapt its listing regime to attract high growth companies. But it plans to relax its financial rules, the same ones that apply in Europe, and which, ironically, were originally calibrated taking into account the strengths and weaknesses of the London market. British players, who have lost the European passport allowing them to provide products and services in the EU from the United Kingdom, also sometimes benefit from so-called “national” regimes, which allow them to operate in certain countries, such as Spain.
The lobby of the French financial center Paris Europlace, the French Association of Financial Markets (Amafi), the Autorité des marchés financiers (AMF), etc. All warn about the need to act quickly, efficiently and in concert, to enable European market players to remain competitive compared to British competitors who are no longer governed by the same rules. On Tuesday, Amafi will publish an advocacy note “for strong financial markets in the face of the challenges of the European Union”. Monday evening, on the occasion of the Nuit du Droit, the AMF is organizing a round table with the HCJP (High Legal Committee for the Place de Paris) on “the impact of Brexit on the financial center”.