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  • Adair Turner The call for change from the U. K.'s Financial Service Authority challenges "passporting" -- a fundamental practice of the European U.ion's financial markets.

    U.K. Group Calls for More Bank Oversight in Europe

  • Looking at it positively, it does enable the "passporting" of funds, so that those regulated in an EU country may be offered throughout the region.

    Not the Right Moment

  • However, he proposed a significant expansion in national powers that would allow domestic regulators to force foreign-based banks to open a subsidiary in the U.K. rather than having automatic "passporting" rights.

    U.K. Proposes Regulatory Overhaul

  • This could see the FSA clash with the European Union, whose "passporting" rules allow EU companies to provide services in other EU countries without having the business fully regulated there.

    U.K. and Germany Call for Tougher Regulation of Banks

  • For secondary issuers, the exchange operator is considering moving to a "passporting system," whereby if the issuer comes from "an acceptable place," most of the local exchange's rules will be waived, and also implementing a "center of gravity test" to determine which country is really a company's home market, Mr. Dickens said.

    Exchange Urges Self-Exam by Some China Companies

  • Some observers argue that the FSA's tactics run counter to the passporting rules, which are meant to encourage the free movement of companies across national borders.

    U.K. Regulator Expands Its Reach

  • Some observers said the pressure conflicts with Europe's "passporting" rules, under which financial institutions from anywhere in the 30-country European Economic Area are allowed to open outposts in other member countries.

    U.K. Regulator Expands Its Reach

  • At present, banks regulated by most European countries have the right to open a branch in any other, a practice known as passporting.

    U.K.'s 'Light Touch' About to Get Heavier

  • If the EU were to alter passporting, it could "clearly interfere with the smooth running of the EU Single Market as currently structured and could add to capital and other costs for banks," said Michael Foot,

    U.K. Group Calls for More Bank Oversight in Europe

  • Under passporting, a bank regulated by one member state can provide services in another with minimal supervision by the host country.

    U.K. Group Calls for More Bank Oversight in Europe


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