Britain wants binding commitments from the European Union on financial market access to avoid the country's finance industry suddenly being cut off from the bloc, a request Brussels has rejected, EU officials and diplomats said.
BRUSSELS/LONDON - Britain wants binding commitments from the European Union on financial market access to avoid the country’s finance industry suddenly being cut off from the bloc, a request Brussels has rejected, EU officials and diplomats said.
Brussels grants market access to any “third country” if it deems its rules are equivalent or as robust as those in the EU. “They want an in-built consultation process so that unilateral revoking of any licences would not be as easy as it is for third countries currently,” the person said. The EU says granting and revoking equivalence is a unilateral decision and some EU lawmakers want to toughen up the process by adding a monitoring system.
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