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London is only the financial powerhouse it is because of its dubious status as the least regulated economy with access to the EU market. If they lose said acces
by Kliment 10y ago
London is only the financial powerhouse it is because of its dubious status as the least regulated economy with access to the EU market. If they lose said access, that role naturally goes to Luxembourg, the next-least-regulated economy, and that's where these services will move to.
- princeb 10y agojust as an aside, Luxembourg is not really an unregulated economy. it's very popular for fin companies because in addition to access to EU, the regulators (so I hear from my peers in legal) are very proactive speaking to companies to make it easier to set up there, and are quite prompt and more flexible than other countries in assisting companies on ambiguity in interpretation of regulations.
- Kliment 10y agoOf course it's not unregulated, and neither is the uk, it's just that the regulations are more relaxed compared to the rest of the eu.