EU watchdog warns against 'letterbox entities'

The EU securities and markets regulator has warned national
watchdogs against companies hoping to set up thinly staffed
"brass plaque" entities ahead of Brexit.
In an advisory statement aimed at national EU regulators, the
European Securities and Markets Authority (ESMA) issued guidelines
for avoiding "regulatory arbitrage" between the 27
countries that will be left in the EU after the UK leaves the
bloc.
ESMA said local regulators in the EU should "reject any
relocation request creating letterb