ESMA Seeks To Avoid Regulatory 'Arms Race' During Brexit

Law360, London (March 3, 2017, 12:52 PM GMT) -- Europe’s top securities regulator said Friday it is investigating how to prevent an “arms race” between national regulators if they start cutting core standards to attract banks and securities businesses from London during the Brexit process.

The European Securities and Markets Authority fears a regulatory race to the bottom and wants to ensure that national regulators are consistent and rigorous when welcoming financial firms seeking a new base in the European Union's single market, said ESMA spokesman David Cliffe.

The securities watchdog will work with national regulators and seeks to guarantee orderly markets and financial stability by maintaining tough standards in...

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