The European Parliament releases new (combative) proposal on mutual recognition

The EU Parliament’s Committee on Economic and Monetary Affairs recently released a new proposal on mutual recognition, asserting that its approval should be necessary for recognizing foreign jurisdictions as having “equivalent” rules.  Interestingly, the proposal, in explaining its reasoning, admits countries may not want coordinate in order to protect “national interests.”   Certainly, this seems like a salvo to the UK, but would have considerable consequences for the United States as well.