European Union (EU) lawmakers have rejected the UK's negotiating position on the governance of UK financial services firms' access to European markets over concerns the proposal would endanger the bloc's "decision making autonomy".
Speaking to European affairs ministers on Friday (20 July), EU chief negotiator Michel Barnier dismissed Prime Minister Theresa May's proposal, which was laid out earlier in July in a white paper, explaining it would violate the principle that access rights to the bloc's financial services market are a gift from Brussels that can be freely withdrawn, according to the FT. FCA spells out £26trn 'cliff-edge' Brexit risk May's controversial white paper dismissed the asset management industry's favoured mutual regulatory recognition model in favour of an enhanced version of the "equivalenc...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
