Re:Banks begin moving some operations out of Britain
by hugotroll on Sunday June 26, 2016 @04:42AM
(#11979920)
Can anyone elaborate what passporting means in this case? I don't think that was explained in that article. I'm assuming that it has something to do with transferring funds from one country to another?
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Re:Banks begin moving some operations out of Britain
by cwcw on Sunday June 26, 2016 @06:57AM
(#11980266)
In that context it means when a bank is regulated in one of the countries in the single market (UK in EU), it can operate without regulatory concern in all the countries there. It is understandable that certain operations will inevitably be moved to a city in the heart of EU instead of staying in London.