1 Amendments of Jakob von WEIZSÄCKER related to 2017/0326(COD)
Amendment 19 #
Proposal for a regulation
Recital 1
Recital 1
(1) In the context of the United Kingdom's notification on 29 March 2017 of its intention to leave the Union, pursuant to Article 50 of the Treaty on European Union, the other 27 Member States, meeting in the margins of the General Affairs Council (‘Article 50’), selected Paris, France, as the new seat of the European Banking Authority. At the same time, another possible result of Brexit is harmful regulatory downward competition as financial hubs in the other 27 Member States scramble to attract business from London. To prevent that, the remaining Member States need to commit to strengthening common Union financial regulatory standards and practices and to coordinating wherever possible in order to manage the challenges of Brexit.