Hamilton Crawford - According to the French finance ministry, France has begun a public discussion to assess how financial service regulations can be streamlined. This is the latest step in its drive to attract London bankers after the U.K.'s vote to exit the EU.
Paris is following in the footsteps of other European Union financial districts which are already playing catch-up with other EU financial hubs, such as Frankfurt and Dublin, both of which have already reached agreement on employment with London-based financial institutions.
According to the statement by the French finance ministry earlier this week, the public consultation campaign was launched by finance minister, Bruno Le Maire, and is targeting the identification of instances where European financial regulation is too stringently applied.
According to Shanghai, China-based investment house Hamilton Crawford, the French finance ministry also plans to collaborate with lobbyists to provide comprehensive strategies for the European Union's Capital Markets Union.
The exit of Britain, home to the European Union's largest financial market, from the bloc in March of 2019 is compelling the Commission to reevaluate the Capital Markets Union organization as a substitute for London.
The ministry's statement was released after Le Maire convened with the Paris financial marketplace committee. The committee is made up of leaders of financial institutions, the head of France's central bank, Euronext, LCH Clearnet and the market regulator.
Industry players say that the French authorities are taking note of their needs and that further policy amendments were expected to increase Paris' appeal.
Since the referendum in which Britain voted to leave the European Union, France has relaxed its tax regulations for expatriates and established a more streamlined license application process.
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