The European Union's system of financial-market access needs adapting to av...
LONDON - The European Union’s system of financial-market access needs adapting to avoid disputes between the EU and Britain over rules after Brexit, a top UK regulator said on Tuesday.
Equivalence refers to Brussels granting foreign banks direct access to customers in the EU if it determines that their home rules are similar enough to those in the EU. Focusing on outcomes was critical, since Britain has a history of common law and preference for broad principles, while the EU has moved to harmonised rules, Bailey said.
“We need to be careful here because I would submit that the record to date indicates that all of us are good at talking the language of outcomes but practising the world of rules,” Bailey said.
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