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EU’s Barnier calls British financial market propositions ‘inappropriate’

Posted on July 22, 2020 by admin

By Huw Jones LONDON( Reuters) – British propositions to offer the City of London access to the European Union are “inappropriate” due to the fact that they seek to keep the benefits of the single market without the responsibilities, the bloc’s chief Brexit arbitrator Michel Barnier stated on Tuesday.EU policymakers

fret that the UK could get a competitive advantage by relieving financial guidelines, nevertheless Britain has said it would keep high standards of regulation.Barnier mentioned Britain wants to make it easy to continue to run EU

financial services organisations from London, with minimal operations and workers on the continent.Many banks and insurance companies based in Britain have really opened centers in the EU to continue serving clients there regardless of what offer London seals with Brussels.” I will be blunt: its propositions are undesirable. There is no opportunity member states or the European Parliament would accept this,” Barnier notified a

Eurofi conference.Britain’s financing ministry had no instant talk about Barnier’s comments.London and Brussels have an end of June due date for finishing” equivalence” evaluations for recognizing access to each other’s financial markets.Barnier specified Britain has really just reacted to 4 of 28 surveys for examining if UK financial guidelines are equivalent enough to those in the bloc to allow direct market gain access to.” So we are not there yet,” Barnier said.Britain has said it has in fact provided all EU rules into UK

law.Barnier stated the examinations are specifically difficult considered that Britain has mentioned it wants to diverge from EU guidelines as soon as its shift duration ends in December.” This is even among the primary functions of Brexit,” said Barnier, a former EU financial services commissioner.Equivalence-based access to the EU is not provided in locations

like insurance protection, organisation bank financing or deposit-taking.” Definitely nothing in the agreement that we are negotiating will alter this,” Barnier stated.( Reporting by Huw Jones;

Modifying by Alexander Smith) Source

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