The Commission is reported to have identified 19 banks from third countries, including Goldman Sachs, the Bank of America and the Bank of China Ltd, that should establish an interim entity, such as a holding company, in the EU in order to facilitate European supervision, Reuters reported on Monday 4 September.
Readers may recall that in November 2016, in the framework of its banking risk reduction package (see EUROPE 11674), the Commission proposed this new requirement, which would apply to...