So, it is imperative that any new 5/9  BIS central bankers' speeches  business authorised here as a result of Brexit meets the high standards that are expected of any such firm authorised in the EU – consistent with them effectively being, in many cases, an EU head office responsible for business undertaken in multiple jurisdictions.
We have taken a pragmatic approach, but we continue to ensure that we operate to European norms of supervision and if regulatory requirements are not met, we will not grant an authorization. The level of authorisation activity has necessitated the Central Bank to make hard choices.