Banca March | Michel Barnier, Brexit’s chief negotiator, warns the UK that London will not be granted unlimited access to European financial markets. Barnier declared that there would not be general, open-ended, ongoing equivalence in financial services, as the British government had proposed.
Following Brexit, UK-based financial companies will not be able to operate in the EU market unless the European Commission recognises the regulatory systems of the UK and the EU are “equivalent”, and the EU has assured that it will follow standard practice, which allows for the notification of a withdrawal of equivalence with as little as 30 days’ notice, which is a matter of concern to companies operating in the sector.
