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Ben Cole

UK and EU agree Brexit deal on financial services

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Ben Cole

The UK government has reached a “tentative agreement” with European Union negotiators that will give UK-based financial services companies continued access to EU markets after Brexit. So reports The Times.

 

The deal covers all aspects of a future partnership in the area of financial services, including the exchange of data, government sources tell the publication.

 

The EU is prepared to accept the UK has “equivalent” regulations to those in the 27-member bloc, which will ensure that UK-based financial services companies will continue to be able to operate across the EU as they do currently, Reuters quotes The Times.

 

Under the deal agreed between London and Brussels, equivalence will be part of the governance of the wider UK-EU trade treaty, which will enable the UK and the EU to alter or establish new financial regulations following consultations with each other, according to The Times.

 

The publication adds that Oliver Robbins, prime minister Theresa May’s main Europe adviser, is continuing his negotiations with Brussels.

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Andy Milner

Although very late in the day, this actually sounds pretty promising.. The current equivalence regulations would be all but meaningless as the status can be withdrawn unilaterally and with one month's notice, however the reports today state that as this would be tied to a wider services trade agreement and could only be changed as part of a renegotiation.

 

As ever, the devil is in the details..

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