equivalence News

UK Must Avoid Being a ‘Mere Taker’ of EU Financial Services Rules in Return for Access

Britain should not submit to the European Union’s financial services rules just to get better access to the bloc’s market after Brexit, Bank of England Governor Andrew Bailey said on Wednesday. European daily share trading worth 6 billion euros ($7.36 …

What Will Brexit Trade Deal Mean for City of London?

LONDON – Britain, which left the European Union in January, loses full access to the bloc under transition arrangements that end at 2300 GMT on Dec. 31. The 27-nation EU is Britain’s biggest financial services customer, worth about 30 billion …

London Must Clarify How Far It Will Diverge from EU Financial Rules: EU Official

Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday. Britain has left the EU and access …

Britain’s Insurance Sector Urged to Compete by Selectively Diverging from EU Rules

A senior official from Britain’s insurance sector on Wednesday laid out the case for selective divergence from EU rules to add to London’s appeal as a competitive global financial center. Britain left the European Union on Jan. 31 and will …

Brexit Impact on UK Insurers Dictated by Trade Talks, Possible Economic Hit: AM Best

From an operational point of view, the United Kingdom’s departure from the European Union on Jan. 31, 2020 will have little immediate impact on AM Best-rated insurers in the UK or EU, according to the ratings agency in a new …

City of London’s Unity Begins Cracking over Brexit Trade Deal: Opinion

Boris Johnson’s triumphant U.K. election victory makes Brexit a near certainty next month. For the City of London, Britain’s split from its biggest trading partner is a huge leap into the unknown; one that will test its cohesion like never …

U.K. Aims to Ensure Post-Brexit Strength of Financial Services Sector: Minister

Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said on Monday. “This government absolutely believes in the City,” Glen told a conference in London, …

London Financial Firms at Risk of Being Cut Off from EU After Brexit: Official

Intense dialog between British and European Union financial regulators must start now or London risks being cut off from the bloc after Brexit, a top banking lobbyist said on Wednesday. Banks, insurers and asset managers in Britain currently have unfettered …

EU Markets Regulator Seeks Rapid Response Powers for Post-Brexit Problems

The European Union’s markets regulator urged lawmakers on Wednesday to give it “rapid” response powers to deal with problems that may arise after Brexit. The European Parliament has proposed that the European Securities and Markets Authority (ESMA) should have powers …

UK Confident It Will Form Deal with EU on Post-Brexit Financial Services Trade

The United Kingdom is confident that it is on the verge of reaching an agreement with the European Union to give London’s vast financial center access to EU markets after Brexit, Britain’s financial services minister John Glen said on Monday. …