The UK and European Union have reached a preliminary agreement to allow financial services companies to access the bloc after Brexit, the Times of London reported, as the two sides edge toward a broader divorce deal.
The agreement is based on equivalence - the tool that the EU already uses to give non-EU banks access to its market. That’s what the EU has long offered the U.K., and the U.K. has long said it’s not good enough. It falls far short of the status quo -- which the U.K. hasn’t even been fighting to maintain.
But the Times says the agreement includes some new features that would make equivalence more palatable:
If the EU decides the U.K.’s rules are no longer equivalent, it would give "significantly longer" than the 30 days set out in current deals
Neither side would unilaterally deny access without arbitration
Full article on Bloomberg
Related article on New Europe: EU and UK still at odds as Barnier denies rumours of Brexit deal
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