Brexit Fallout Hits EU Financial Regulation Drive

June 27, 2016

The British vote to leave the European Union last week has already disrupted Europe’s push to finalize new financial regulations as policy makers in the U.K. and the EU struggled Monday to agree on the timing of negotiations on the U.K.’s departure.

The EU Commission’s’ top financial services regulator, Jonathan Hill, resigned over the weekend, saying his British nationality prevented him from staying on. Then EU officials on Monday confirmed plans to transfer the European Banking Authority, which drafts and enforcing banking rules across the EU, out of London to another EU country.