Asset Servicing · Lois et Réglementations

ABBL: Ditching EU depositary passport idea ‘victory for reason’

The Luxembourg House of Finance, which houses ABBL, ALFI, Luxembourg for Finance, and other trade associations. Photo: Alexandre Prevot via Flickr CC-BY-2.0.

Brussels has opted to abandon the proposed establishment of a ‘European passport’ for depositary banks. While initially touted as an innovative concept, the idea was fraught with potential market challenges and risked undermining the work of supervisors. The alternative approach that has been adopted now is being hailed as a success by Luxembourg banking association ABBL. 

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