London Bank Group Offers Plan for EU Market Access After Brexit
- Firms look for mutual recognition and mutual market access
- Plan goes beyond equivalent status that can be revoked by EU
This article is for subscribers only.
The U.K. and the European Union should strike a deal that offers both sides access to each other’s markets and goes beyond the option of regulatory equivalence, according to an advisory group set up by bank lobbying bodies.
The International Regulatory Strategy Group, which is sponsored by the City of London Corporation and TheCityUK, laid out a possible framework for the bespoke agreement between Britain and EU that the U.K. government has said it plans to negotiate. Along with criteria for access, the report proposes a joint committee that ensures regulations stay aligned and lays out ways to resolve disputes within a free trade agreement that covers financial services.