UK set for restricted financial markets access under equivalence

Draft Brexit deal

clock • 2 min read

Financial services firms could face more restricted access to EU markets following draft Brexit deal

EU membership allows for unrestricted access for financial services but the system of equivalence, which the EU extends to a number of countries it deems to have comparable regulatory regimes, only covers a limited range of market participation. Law firm Hogan Lovells estimates the regime only covers around a quarter of all EU cross-border financial services business. This would give UK financial firms the same level of access as large US and Japanese business, while at the same time tying UK companies in to many EU financial rules for year to come, according to Reuters. European m...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock 17 December 2024 • 2 min read
FCA releases best practices for Consumer Duty board reports

FCA releases best practices for Consumer Duty board reports

Focus on data quality

Cameron Roberts
clock 12 December 2024 • 2 min read
Life assurance and assisted dying

Life assurance and assisted dying

What we can learn from global policies

Tony Müdd
clock 12 December 2024 • 5 min read