EU Proposes Intermediate Holding Company Requirements for Non-EU Banks and Broker-Dealers

On 23 November 2016, the European Commission published proposals for widespread revisions to the EU prudential regulatory framework for banks and investment banks.

The reforms, which are intended for implementation in 2019, include the introduction of a requirement for non-EU financial institutions to establish EU intermediate holding companies. Our alert summarises the proposal and discusses some of its implications.