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BaFin may use temporary fixes to avoid 'chaos' of hard Brexit

Germany financial regulator BaFin could bring in emergency measures in the event of a hard Brexit to minimize potential "chaos," Reuters reported.

BaFin President Felix Hufeld said the regulatory body could introduce "temporary fixes to avoid chaos" if Britain leaves the EU without an exit agreement clarifying various outstanding legal questions.

Hufeld also said at a conference in Frankfurt that Germany is vetting more than 25 banking licences. A number of global banks have decided to make Germany the new base of their European operations after Brexit, and have begun moving some operations from London.