MiFID Equivalence Won't Work for Brexit Britain, MEP Says
- Kay Swinburne: equivalence could have been drafted better
- Swiss example shows how issue has become politicized, she says
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The U.K. shouldn’t rely on the European Union’s “equivalence” rules to do business after Brexit, according to Britain’s most senior financial-services lawmaker in the European Parliament.
“Equivalence is a strange term, and unique in Brussels terminology,” Kay Swinburne, a Conservative MEP and vice-chairman of the parliament’s economic committee, said in a panel discussion at a conference on Monday. “If I had known the U.K. would rely on it, we would have drafted it a little better in MiFID.”