Soyez les bienvenus… European Banking Authority's (EBA) Relocation to Paris in 2018
Is this the first step to "twin peaks" and what does this mean for financial services firms?
At 7:43 p.m. on 20 November 2017, six months of suspense as to where the EBA would call home post-BREXIT came to an end. In a selection process that has been likened to a supervisory steeplechase, Paris, la cité lumière, came through as an outside favourite to go neck and neck with Dublin before being pulled out of a hat as a clear winner. Chapeau to Paris… even if many had expected the EU to look to Vienna's central position and international role of east-west dialogue as a fitting home. This Client Alert explores the EBA's move and what it might mean for EU financial services rulemaking and supervisory culture going forward and in particular in light of proposals to reform and consolidate the EU's European Supervisory Authorities (ESAs).