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Michel Barnier's speech to the Eurofi General....>

EU
EU: Michel Barnier's speech to the Eurofi General Assembly released.
- Link:
https://ec.europa.eu/info/sites/info/files/speech-barnier-eurofi-30062020_en.pdf
- "[...] the key instrument to regulate interactions with the UK financial
system will be our equivalence regimes [...]. The UK, however, is looking to go
much further. I will be blunt: its proposals are unacceptable."
- "Firstly, they would severely limit the EU's regulatory and decision-taking
autonomy. [...] Secondly, the UK is trying to keep as many Single Market
benefits as it can."
- "[...] the size of the UK financial market and the very close links between
the EU and UK financial systems mean we need to be extra careful."
- "1 Jan 2021 will bring big changes. UK firms will lose the benefit of the
financial services passports."
- "in some areas - such as insurance, commercial bank lending or deposit-taking
- EU law does not provide for the possibility to award equivalences that would
grant market access to third-country firms."

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