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Comment: Financial world faces up to reality of no post-Brexit equivalence

By Fiona Maxwell ( August 17, 2020, 14:19 GMT | Comment) -- Banks, investment firms and other financial services providers in the UK and EU are having to face up to an increasingly likely reality that there will be no simple post-Brexit access to each other’s markets, if at all. The European Commission has offered temporary equivalence assessment for just one legislative area, while others are likely to be left vacant. Where an EU legal framework “is not yet fully in place,” the commission will not adopt an equivalence decision “in the short or medium term" — potentially resulting in UK companies being cut off from the bloc.An increasingly likely reality is dawning on banks, investment firms and other financial services providers in the UK and EU: there will be no simple post-Brexit access to each other’s markets, if at all....

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