December 12, 2016 / 6:05 PM / a year ago

Spanish stock market regulator to lure UK-based financial firms

MADRID, Dec 12 (Reuters) - 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 (EBA).

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 Pitchford)

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