EU Braces for Brexit by Tightening Rules for Investment Firms

Biggest firms would be supervised by ECB under commission plan
Access criteria for companies outside the EU to be toughened

An illuminated euro currency symbol is projected on to the European Central Bank (ECB) headquarters during a rehearsal for the Luminale light festival in Frankfurt, Germany, on Saturday, March 12, 2016. The Luminale 2016 light festival is scheduled to begin on March 13 and runs through March 18.
Photographer: Martin Leissl/Bloomberg

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By Alexander Weber

December 20, 2017 at 12:01 PM UTC

This article is for subscribers only.

The European Union plans to plug a potential Brexit loophole by bringing the biggest investment firms in the euro area under European Central Bank supervision.

Under a bill proposed on Wednesday by the European Commission, the EU’s executive arm, the ECB would assume oversight of companies classified as “systemic,” while smaller firms would become subject to a new regime that’s better tailored to their activities. The larger firms are mostly units of major investment banks.