EU Eyes Tighter Regulation For Nonbank Finance Firms
Law360, London (July 4, 2019, 2:17 PM BST) -- A senior European Central Bank official said Thursday that regulators must extend policies aimed at containing financial risks to large institutions that fall outside traditional banking, including investment firms and insurers.
Europe’s watchdogs should broaden their macroprudential rules to cover so-called nonbanks, which account for 55% of the euro area’s financial sector, ECB Vice President Luis de Guindos said.
Banking groups in the bloc have been under tougher restrictions on lending to risky borrowers and rules on holding capital buffers in the years since the financial crisis.
But the macroprudential policies should now be extended to stop risky lending in the...
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