He said the Commission was exploring new rules that would give fintech companies passporting rights to expand across borders and operate anywhere within the EU's single market.That could threaten London's status as the European hub for fintech companies, because firms based there are likely to lose their passporting rights when Britain leaves the bloc at the end of a two-year divorce process due to start next week.
European Commission Vice-President Valdis Dombrovskis addresses a news conference on the European Semester Winter Package in Brussels, Belgium February 22, 2017. REUTERS/Francois Lenoir By Francesco Guarascio | BRUSSELS The European Commission could introduce EU passporting and lower regulatory requirements for financial technology firms, moves that could undercut London's leading position in "fintech" as Britain gets ready to leave the European Union. The EU executive's vice president Valdis Dombrovskis said on Thursday that the Commission is considering how to regulate the expanding sector to encourage its development in Europe, while protecting consumers from risks that may emerge.
http://www.reuters.com/article/us-eu-fintech-regulations-idUSKBN16U2D6
