A handful of international banks have created new chief financial officer positions in continental Europe to satisfy regulatory requirements that will kick in once Britain leaves the European Union.

Regulations and frameworks that currently govern the UK’s financial sector—including the system known as passporting that lets UK-based banks offer their services across Europe—will no longer apply once the UK has left the bloc. That has prompted financial services firms that manage their European operations from London to apply for new banking licences or expand their business on the continent in preparation for Brexit.