LONDON - Britain will have to decide whether banks and asset managers should comply with costly new European Union securities rules that are being delayed from September until after its transition period for leaving the bloc ends, lawmakers were told on Wednesday.
Settlement refers to money exchanged for ownership of securities like bonds. Thousands of trades fail each day, because of an inability to provide the cash or securities on time. “We will continue to be committed to the highest standards of regulation and supervision,” the ministry said. “We are seeking a friendly future relationship with the EU and an outcomes-based approach to regulations.”
If UK want to have any access to the EU's bonanza to mitigate the impact of Brexit on its financing industry, they will now have to follow the EU's good will. They know it, but will not recognize it publicaly for obvious political grand standing🤫