LONDON - Britain said on Thursday it wanted “legally binding” obligations on access to the European Union financial market, coupled with arrangements for maintaining trust as rules evolve.
In its mandate for trade talks with Brussels, Britain said a deal should provide a “predictable, transparent and business-friendly environment” for cross-border financial services activities. Britain says it wants arrangements that will allow regulators on both sides to cooperate and build “enduring confidence” that can deal with rules as they “evolve”.
“There needs to be a mechanism to ensure that equivalence is maintained five years down the road. Regular reviews of the equivalence status are therefore necessary,” he said. Barnier said on Wednesday that UK financial firms that want certainty in their relations with EU customers can set up subsidiaries in the bloc, which over 300 have done.FILE PHOTO: Pedestrians walk past the Bank of England in the financial district in London, Britain February 17, 2020. REUTERS/Simon Dawson/File Photo
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