equivalence News

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. …

Brexit Deal, Covering UK Financial Services, Is Closer to Completion: Officials

The United Kingdom and the European Union have made progress on a deal to give London’s dominant financial center basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched. The deal being …

No-Deal Brexit: A Lose-Lose for UK and EU Financial Stability

With Brexit talks back from the summer holidays, it’s worth considering one way in which failure to reach a deal before the U.K.’s departure in March would also be bad for the European Union. Such an outcome would unsettle the …

Major Post-Brexit Risk: UK’s $33.5B of Financial Services Exports to EU

Britain must avoid tying Brussels up in red tape or antagonizing its soon to be former European Union partners and the United States if it is to maintain access to the bloc’s financial services market after Brexit. At risk is …

UK’s Financial Services Exports Highlight Need to Keep Post-Brexit Access: Officials

Britain’s exports of financial services to the European Union hit a record high last year, highlighting the need for the City to preserve access to the bloc after Brexit, industry officials said on Tuesday. Exports rose 3.6 billion pounds ($4.73 …

Fitch Says Bermuda (Re)Insurers Should Weather Sovereign Downgrade

According to Fitch Ratings, “while insurance industry concerns factored into Tuesday’s downgrade of Bermuda,” it does not expect Bermuda (re)insurers to be affected, “as all our ratings of Bermuda (re)insurers remain below the new sovereign rating, which also has a …

Economic Crisis Challenges Harmonization of U.S. Regulations, EU’s Solvency II

The EU’s Solvency II regulations get most of the headlines, but there are other regulatory bodies, which are trying to modernize and harmonize the regulations for global insurance companies. Their task has been made even more difficult by the prolonged …

Bermuda Association Lauds Government Progress on Solvency II ‘Equivalence’

While U.S. regulators are beginning to be worried about the impending imposition of the European Union’s Solvency II regulations for the re/insurance industry, which will come into force in 2014, Bermuda has been working on accommodating its regulations with Solvency …