SINGAPORE : The European Commission will strip Singapore and four other countries of some market access rights this week, according to a Financial Times report citing a document.
The bloc grants financial market access right, or so-called “equivalence provisions” to non-EU financial firms such as lenders, investment firms, clearing houses or credit rating agencies, as long as it considers their home rules to be in line with the EU’s. “We had extensive dialogue with those countries, so they knew there was an issue and they knew there may be consequences,” Valdis Dombrovskis, the EU commission vice-president in charge of financial regulation, is quoted as telling the FT. “If they, during several years, chose not to update their legislation, then we had to take the decision to withdraw equivalence.”
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