U.K. Banks Face Renewed French Push to Stiffen MiFID Access Rule
- Proposal would make it harder for U.K. banks to do EU business
- EU equivalence rules are a bone of contention in divorce talks
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France doubled down on a proposal that would make it harder for U.K. banks to do business in the European Union after Brexit.
With time running short in the divorce talks, France stepped up its push for a tightening of the MiFID II rules on how firms outside the bloc can gain access to EU financial markets. The U.K. is vying to protect London’s status as Europe’s financial hub, while France has pushed hard for companies to move staff and business lines into the EU.