From our side, I can repeat that we will certainly not accept empty shells or “letterbox companies” where the business effectively continues to be run from London. For critical functions such as management, controlling and compliance, qualified personnel need to be present at the EU entity at all times. We expect any branch or subsidiary to retain chief responsibility for its business.
That is our general approach. When it comes to the details, things get much more complicated very quickly – as has been demonstrated by our experience with the applications of banks for licenses in the context of Brexit. It is not enough to make a decision about what business to move and to submit a ten-page application for a banking license to the supervisor.