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London may wait beyond 2020 for regulatory equivalence: EU

London may wait beyond 2020 for regulatory equivalence: EU

It may take a long time, hinting at months ensuring firms in the UK get regulatory equivalence to the EU. That was told by European Commission executive vice president Mr. Valdis Dombrovskis. He further explained that member states are yet to come to terms with their own regulatory changes for the Financial Services sector, implying it will take some time in securing market access for the UK while adding that implementing rules are not yet in place. The Commission’s Executive Vice President says that arrangements will have to be sought with individual EU countries on Financial Services to ensure the City of London firms does not completely lose mainland Europe access on January 1.

Source: City AM