MADRID Dec 12 Spain's stock market regulator
laid out on Monday its plan to lure Britain-based financial
firms looking to move their business abroad as a result of
Britain's vote to leave the European Union.
Spain plans to compete with other EU countries for
businesses shifting operations away from Britain and to host EU
institutions such as the London-based European banking regulator
The British government has not yet publicly revealed its
negotiating terms with the EU. But financial firms in Britain
fear a "hard Brexit" would deprive them of automatic access to
Europe's single market, preventing them from offering their
services in other EU countries.
Spain's regulator said in a statement it would create a
single contact point for applicants, provide English-speaking
coaches to help applicants understand Spanish regulations and
laws, and could deliver full authorisation within two months.
Financial entities would be able to keep their internal
models to determine their capital needs to cover counterparty
and market risks, it said.
There would be no additional requirements beyond those from
EU legislation and the supervisory environment would be
"welcoming but also sensible and sound," it said.
(Reporting by Jesús Aguado; Editing by Angus Berwick/Ruth