August 30, 2018 / 10:34 AM / a month ago

Regulators could bring in emergency measures in a hard Brexit: German market watchdog

FRANKFURT (Reuters) - Regulators could enact emergency measures in the case of a so-called hard Brexit to minimize “chaos”, the president of Germany’s financial market watchdog Bafin said on Thursday.

The Frankfurt skyline with its financial district is photographed on early evening in Frankfurt, Germany, March 25, 2018. REUTERS/Kai Pfaffenbach

If Britain leaves the EU at the end of March without an exit agreement that would clarify numerous outstanding legal questions, Bafin could bring in temporary measures, Bafin president Felix Hufeld said.

“These would be just temporary fixes to avoid chaos,” he told a banking conference in Frankfurt, without being more specific.

Hufeld also said that Germany was processing more than 25 banking licenses in the wake of Britain’s decision to leave the European Union.

The figure is the most precise number Bafin has provided. A number of global banks are moving some of their operations to Germany from London as a new base for their European operations after Brexit.

Reporting by Tom Sims; Editing by Caroline Copley and Andrew Bolton

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