#AceFinanceReport – Feb.27: London, Europe’s biggest financial centre, faces being locked out of its biggest export market for services like banking, insurance and asset management if there is no access to the EU from next January: A trade deal with the bloc should provide a “predictable, transparent and business-friendly environment” for cross-border financial services activities, Britain said in its mandate for trade talks with Brussels.
Britain calls for ‘binding’ obligations on EU financial market access
“The agreement should include legally binding obligations on market access and fair competition,” the document said: The EU has only spoken of “voluntary” cooperation in financial regulation.
The financial sector has said that the EU system of market access, known as equivalence, is opaque, and access can be withdrawn in 30 days, making it unreliable: Britain says it wants arrangements to allow regulators on both sides to cooperate and build “enduring” that can deal with rules as they “evolve”.
#AceFinanceDesk report ……….Published: Read Full Hansard Statement and Trade Deal Report Here: Telegram: https://t.me/acebreakingnews/1587585 #Breaking144 Contracts & Markets News, [Feb 27, 2020 at 17:06] The Minister of State, Cabinet Office (Lord True) (Con) 11.37 am Statement My Lords, with the leave of the House OR via Ace U.K. Finance & Contract News https://ift.tt/2Vru5gh
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