Opinion: Letterbox Brexit

The European Securities and Markets Authority (Esma)'smissive on Wednesday to national EU regulators handling licence
applications from Brexit migrants evoked the image of a harassed
mother entreating squabbling children to please share.
In issuing its guidelines Esma aimed to restrict the scope for
regulatory rule-bending for UK firms planning to establish EU
subsidiaries. It also wanted to reassure the sulky regulatory
offspring that can be heard crying: "Not fair".
Of course, the official lin