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Fund management

Brexit 'an alibi' to strengthen watchdogs' powers

Luxembourg's financial regulator claims Britain's departure from European Union was being used as 'an excuse or alibi' to strengthen powers of European-wide watchdogs.

Hannah Brenton
27.11.2017

The European Commission proposed in September that the European Securities and Markets Authority (ESMA) should be given greater powers over cross-border finance.

"We regret that Brexit is used here as we set it as an excuse or an alibi to trigger those debates about whether or not the European supervisory authorities need more power," Jean-Marc Goy, counsel for international affairs at the Commission de Surveillance du Secteur Financier (CSSF), told a fund management conference in Brussels.

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