The European Union has imposed stricter liquidity and capital requirements on big London based investment firms.
EU governments and lawmakers reached an agreement on tighter rules for asset managers and investment firms offering “bank-like” services, such as proprietary trading and underwriting of financial instruments.
The agreement, was reached late on Tuesday.
The confirmed agreement by EU states, will give the European Commission more power in overseeing foreign financial firms operating in the EU and more clout over London-based financial firms after Britain leaves the EU.
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The agreement further strengthens the equivalence regime that would apply to third country investment firms.
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