Caught in the branches: Japan rebuffs EU ring-fencing plan
Proposed rules for foreign banking group supervision will disrupt business and resolution plans, says JFSA
When the European Commission (EC) unveiled its proposal for foreign banks in European Union countries to establish an intermediate parent undertaking (IPU) in November 2016, its denials did little to dispel the impression that the initiative had been provoked by the impending departure of the UK. And yet, with supervisors at the European Central Bank (ECB) now pushing to extend the rule to include branches, it is Japanese regulators who are crying foul.
“I would like to point out the fact that
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