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Foreign banks face new EU rules for more scrutiny

19 banks, including Bank of America and UBS, need to set up holding firms for regulators to check on

The European Central Bank and the Single Resolution Board want foreign branches, and not just subsidiaries, to come under the new "intermediate parent undertaking" or IPUs.


NINETEEN foreign banks in the European Union will need to set up new holding companies so that regulators can scrutinise them more closely, an EU discussion paper says, mirroring steps taken by the United States.

The European Commission...

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