British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange of data, the British newspaper reported, citing government sources.<\/p>\n
Global banks operating in the UK have had to reorganise their operations around Britain\u2019s departure from the European Union, due to take place in March next year. Many have set up new European hubs and begun to move operations, senior executives and staff to ensure they can continue to serve their continental clients if Britain leaves the bloc without a deal.<\/p>\n
According to the Times\u2019 report, EU will accept that the UK has \u201cequivalent\u201d regulations to Brussels, and UK financial services companies will be allowed to operate as they now do in Europe.<\/p>\n
EU officials have said that the EU\u2019s financial market access system, known as \u201cequivalence,\u201d under which Brussels grants access to foreign banks and insurers if their home rules converge with the bloc\u2019s, is probably Britain\u2019s best bet.<\/p>\n
\u201cEquivalence\u201d has so far had limited application, because, for one, under existing rules market access can be withdrawn unilaterally with only a month\u2019s notice, the Times said.<\/p>\n
Under the new deal, \u201cequivalence\u201d will be extended and will fall under the governance of the wider trade treaty, allowing the EU and the UK to change or set new financial regulations after consulting each other beforehand, the Times said.<\/p>\n
May\u2019s principal Europe adviser, Oliver Robbins, is continuing the negotiations in Brussels, according to the report.<\/p>\n
With five months to secure a deal before Britain is due to leave the EU, business leaders are demanding certainty over the kind of trade terms the divorce will deliver.<\/p>\n
UK\u2019s Financial Conduct Authority wants Britain to stay closely aligned with the EU, but without Britain\u2019s having to copy all the bloc\u2019s rules, the acting director of strategy at the FCA, Richard Monks, has said.<\/p>\n","protected":false},"excerpt":{"rendered":"
British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. British and European negotiators have reached tentative agreement on all aspects of a future partnership on services, as well as the exchange […]<\/p>\n","protected":false},"author":1,"featured_media":46006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[87],"tags":[],"class_list":["post-46005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/46005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=46005"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/46005\/revisions"}],"predecessor-version":[{"id":46007,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/46005\/revisions\/46007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/46006"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=46005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=46005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=46005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}