Brexit : Bercy wants to ease the “over-regulation” of the finance

The Anglo-Saxons call this the “gold-plating”, plating gold : a pejorative term to refer to “over-regulation” between certain States, imposing obligations that are more stringent than the european legislation when transposing these into national law. This is the new horse of battle of the financial centre of paris and the minister of Economy and Finance, Bruno The Mayor : at the conclusion of the meeting of the committee Place de Paris 2020, which was held on Monday, the minister announced the opening of a public consultation aimed at identifying cases of “surtransposition” of european law in the field of financial services.

The the actors have two months to draw up the list of their grievances.

As a complement to previous tax relief measures

The representatives of the main institutions, public and private, of the place were present at the meeting, the governor of the Bank of France, François Villeroy de Galhau, chairman of the Autorité des marchés financiers, Robert Ophèle, and the director general of the Treasury, Odile Renaud-Basso, passing by the president of Europlace, Gérard Mestrallet, the chief executive officer of Crédit Agricole, Philippe Brassac, the Société Générale, Frédéric Oudéa, the chairman of BPCE (Banques Populaires Caisses d’epargne) François Pérol, and that of BNP Paribas, Jean Lemierre, but even the Ceo of Euronext, Stéphane Boujnah, etc

The objective is to reinforce the attractiveness of the place of Paris in the context of Brexit, in addition to measures, including tax already announced, such as the removal of the slice the higher of the tax on salaries in the finance industry.

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A “speciality from the French”

The Prime minister Edouard Philippe had raised the issue of the surtransposition this summer, in his speech to the who’s who of european finance at the Forum, Europlace :

“Our objective, that is, to the extent possible, eliminate the surtransposition of european directives, which is a speciality from the French, which can sometimes be justified. After all, are not making claims about what has been done. Sometimes there are moments where the surtransposition may have an interest, but finally, it is not necessary that to become a rule. Our goal is to make sure to try to return to the standard common european, that is to say at the bottom that dictates the conditions in which competition can be carried out and, after all, be in competition with other financial centres without adding to the task is not necessarily a bad idea,” he said.

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The public consultation on the “de-surtransposition” financial concerns “all the financial activities that are the transmission channels of the financing of the French economy, that is to say, the business of banking, insurance, asset management and financial markets (market infrastructures, investment firms, rules applicable to issuers, etc),” says the Treasury department. It must be used to “understand the case in which a French standard that goes beyond what is provided for by a european regulation, even though this last, of direct application, there is no enforcement measure in national law.”

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