City waits for divergence, or maybe equivalence

By Jasper Cox
12 Jan 2021

Anyone who thought the culmination of a trade deal between the EU and UK would provide a shining ray of clarity for financial services as to the level of market access between the two has been proved wrong. Little progress on regulatory equivalence decisions has been made, and while this points the way towards divergence, it is still unclear how exactly the UK would go about this.

The financial services industry received little from the trade deal agreed last month between the UK and the EU, as had been expected.

"The trade deal made no difference, nor was it fated to make any difference," said Jake Green, a partner at law firm Ashurst.

Prospects for ...

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