Spain's attempts to lure UK payments institutions concerned over the potential loss of passporting rights are being hampered by slow adoption of EU regulatory requirements in the country.
Free registration, personalised regulatory attention and an efficient approval process were all touted as enticements for British companies looking to relocate to Europe to continue offering services across the continent after Brexit.
However, Spain has fallen behind on transposition of major European directives, a situation experts acknowledge could cause uncertainty for businesses used to the UK’s historically quicker adoption processes.
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