In the event the UK leaves the European Union without agreeing to the negotiated exit deal, EU banks and investment firms will be able to come to the UK to trade UK shares, the European Securities and Market Authority (ESMA) has said, reversing on a previous statement. But the UK’s Financial Conduct Authority (FCA) is not satisfied with the ESMA’s proposed trading obligations under No Deal Brexit.
Back on March 19 — 10 days before the original date for Brexit — ESMA said that if the EU and UK did not agree to a deal, banks and investors from the remaining EU member states would not be able to go to the UK to trade
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