Britain and EU to miss deadline for future financial market access – Reuters

Britain and the European Union are set to miss their end-June deadline for assessing future cross-border trade in financial services, leaving just six months before a potentially messy UK exit, financial industry and EU officials say

Britain has repeatedly said the assessments should be a formality, given that it has put all EU rules into UK law.

However, the EU’s assessments go beyond checking if Britain’s rules are currently equivalent, to asking whether the UK intends to diverge from EU norms in future, raising a major strategic issue, an official at a UK financial firm with EU operations said.

UK finance minister Rishi Sunak said on Tuesday that comprehensive findings of equivalence were in the best interests of both parties, but also indicated there would be some changes to UK rulebooks, pleasing some Brexit backers who want to use Britain’s departure to change regulation.

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