ECB takes over supervision of largest EU investment firms
Firms posing systemic risk should not try to circumvent new regime by changing structure, ECB says
The European Central Bank is now directly supervising the European Union’s largest investment firms, with the new regime coming into effect on June 26.
The ECB said it will regulate “systemic” investment firms, which EU law defines as having “bank-like risks” and more than €30 billion ($35.8 billion) in assets. These firms will have to apply to the ECB for a banking licence. The ECB suggested large firms should “reach out to their supervisors to start a dialogue on the transition to the new
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