By losing Brexit finance battle, UK may have won war

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By Jon Hay
12 Nov 2020

The UK this week abandoned hope of winning a mutual deal on financial regulation equivalence with the EU, and did what many had expected: unilaterally granted European firms access to the UK’s market without gaining matching rights for UK firms. But although this looked like surrender, lawyers believe the UK might have the upper hand.

“There has never been any doubt the UK would give equivalence to European firms, and everyone else,” said Simon Gleeson, partner at Clifford Chance in London. “One of the benefits of Brexit is precisely the ability to grant equivalence to a wider range of third country jurisdictions. If ...

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