The UK is reportedly taking a stance in finance that resembles that seen in trade: warnings of countermeasures in response to EU financial policy. According to the Guardian,
The British government says the EU’s “equivalence regime”, under which UK providers would have the right to offer financial services in the European economic area after Brexit, does not cover enough sectors or provide adequate assurances to UK-based banks and fund managers.
The UK also wants equivalence decisions to be made collaboratively between Brussels and Whitehall on whether parts of the financial sector will be able to continue to operate across the Channel as regulations diverge after Brexit.
As it stands, a declaration of equivalencecan be easily revoked with only 30 days’ notice under existing EU legislation.
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