Existing banks and financial institutions in the EU, can easily relocate to France since their existing legal documents in English are now acceptable for registration in France. There is no need for translating them in French.
With Brexit taking its economic toll in Britain, French regulators have offered the leaving financial firms speedy registration so as to soften their transition, minimize their losses, and speed up the number of days required to register in France by handling their files in English.
The French government and regulators are eager to welcome banks and financial firms from London following Britain’s historic vote which could deprive it of access to the EU’s single market.
So as to speed up the relocation process, French financial regulator, ACPR and securities regulator, AMF, have stated that they would accept existing legal documents in English from firms that are already registered in other EU countries.
This helping hand will spare the relocating firms the trouble of having to draft new legal documents in French. Both regulators have stated that an official fluent in English will be put in charge of their files.
In order to handle enquiries on this topic, the ACPR has already created a special Brexit email address – brexit-acpr@acpr.banque-france.fr
Earlier this year in July, the French government has pledged to make its tax regime the most favourable in the bloc. The current moves by the French regulators only underscores this theme.
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