Equivalence after Brexit won’t be easy, Commission warns
As hardline Brexiteer Boris Johnson takes power in the UK, the European Commission is set to claim that the equivalence test for financial firms is tougher when the country in question is heavily connected to the EU.
“Equivalence decisions are unilateral and discretionary acts,” the Commission said in a draft document obtained by GlobalCapital. “The Commission may decide to formally adopt, suspend or withdraw an equivalence decision.”If a country is given equivalence, its firms can reduce any overlap in compliance requirements when operating in the ...
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