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British regulators want new rules to make the system more transparent and predictable, given equivalence status can be withdrawn with 30 days notice.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.
SaveIraqiDoctors2
British Trump is sending Britain through this. America 🇺🇸 depression History about to repeat it self in a far land... No brexist.. Stay in the EU make the pounds stronger.... Leave =dooom
That's it then. Bang goes the UK banking sector. All that's left now is the service sector after Brexit.
That is not 'news'
Gee Boris, hows that Brexit gonna work out for you after the banks move from London to Frankfort and Paris and English banks don’t have access to the EU market?
Bit inward-looking and isolationist...Little EU