EU chief issues Brexit warning over City of......>

UK: EU chief issues Brexit warning over City of London access (FT)

- The EU's financial services chief has warned that Brussels is ready to cut off

the City of London's post-Brexit market access in a sign of the pressure Britain

will face to stay closely aligned with European rules after it leaves the bloc.

Valdis Dombrovskis told the Financial Times that Brussels was willing to grant

the UK access through a system of "equivalence" decisions that are already used

by banks and brokers in other countries such as Singapore and the US. But he

said that the European Commission would be especially vigilant in checking that

British rules for ensuring financial stability and protecting consumers remained

aligned to the EU's own standards, and would act decisively in the event of any

lapses.

- Link: https://www.ft.com/content/59569142-12c9-11ea-a7e6-62bf4f9e548a