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Comment: UK banks soliciting EU trades get ESMA warning, but it may be style over substance

By Fiona Maxwell and Jack Schickler ( January 13, 2021, 17:03 GMT | Insight) -- A caution from ESMA that UK investment service providers face legal proceedings if they try to flout EU law to access bloc-based clients looks to be more political than practical. As long as "reverse solicitation" is permitted, a nudging-and-hinting approach to UK banks promoting their services to attract EU-based investors might be able to continue unpunished.A warning that UK banks will face criminal proceedings if they try to advertise to EU-based customers through the backdoor appears more of a political threat from Brussels than a credible harbinger of legal proceedings....

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