Britain will not automatically have direct access to the European Union's f...
LONDON - Britain will not automatically have direct access to the European Union’s financial markets after Brexit, even if it meets all the conditions set out by Brussels, under an EU policy document published on Monday.
Faced with a huge financial center on its doorstep that would be outside the bloc after Brexit, Brussels has begun tightening up equivalence conditions. Britain has said UK rules will be identical on day one of Brexit but this does not give a guarantee of access. Britain and the EU have already agreed in principle that equivalence should form the basis of future EU market access. Yet the paper said requests for equivalence from “high impact” third countries would in future require more detailed and granular assessments.For their part, British regulators want new rules to make the system more transparent and predictable, given equivalence status can be withdrawn with 30 days notice.
In response the Monetary Authority of Singapore said ratings from Singapore could continue to be used by banks and others in the bloc under an alternative EU system that “endorses” them.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Assuming EU will not budge, Britain ramps up preparations for no-deal BrexitThe British government is working on the assumption that the European Union will...
Read more »
Assuming EU will not budge, Britain ramps up preparations for no-deal BrexitThe British government is working on the assumption that the European Union will...
Read more »
Britain warns EU: change your 'stubborn' position or face no-deal BrexitBritain warned the European Union on Monday it needed to change its 'stubbo...
Read more »
EU must move faster to prepare for no-deal Brexit risk - CBIThe European Union is less prepared for a no-deal Brexit than Britain, potential...
Read more »
EU must move faster to prepare for no-deal Brexit risk: CBIThe European Union is less prepared for a no-deal Brexit than Britain, potential...
Read more »
Gove: Government working on assumption EU will not strike new Brexit deal - Sunday TimesMichael Gove, who has been tasked by new British Prime Minister Boris Johnson to...
Read more »