UK chancellor of the exchequer Philip Hammond, a member of the EU Parliamentary committee responsible for financial regulation (Econ), was not the only one who was taken aback at a committee meeting in early December.
The committee was discussing the updates to the Capital Requirements Regulation and Capital Requirements Directive IV proposed by the European Commission on November 23. This included a provision that would force larger third-country groups with two or more subsidiaries in the EU to create intermediate holding companies subject to internal capital requirements.
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