The bloc grants financial-market access to non-EU lenders, investment firms, clearing houses or credit rating agencies in its so-called "equivalence" system, as long as it considers their home rules to be in line with the EU's.
The five countries are deemed as no longer regulating credit rating agencies as rigorously as the bloc — thereby removing them from a position which made it possible for European banks to rely on those ratings, reported the Financial Times, citing a document the newspaper had seen.It is a system that the UK will likely have to subscribe to after it leaves the European trading bloc.
The move is seen by some as a warning to Britain that it needs to be aligned with EU rules if it wants its trading platforms and financial firms to continue having direct access to customers in the bloc.
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Source: Reuters - 🏆 2. / 97 Read more »