U.K. Finance Dealt Another Brexit Blow by Brussels Lawmakers
- Bloc’s parliament backs changes to investment services rules
- Changes would make it harder for banks to serve EU from U.K.
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Lawmakers in Brussels are making life harder for U.K.-based financial firms that intend to do business in the European Union after Brexit.
U.K.-based firms would probably need to open a unit in the EU to continue underwriting stocks and bonds and doing market-making business for clients in the bloc under draft legislation endorsed by a European Parliament committee. More than half of European investment firms come from the U.K., and the EU must ensure it can oversee them after Britain quits the bloc, according to Markus Ferber, the assembly’s lead lawmaker on the bill.