Eu banking reforms Watch

richard10012
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Critically, the list of planned legislative changes will examine how to make the bloc less dependent on Britain and the capital of London, the region's preeminent financial centre.

"Following the departure of the UK, there will be significant work to manage the relationship between the EU27 and the UK in the field of financial services, which will be a source of risk," said the document.

Simon Morris, a finance services partner at law firm CMS, said in response: “First, the EU will accelerate financial change, unhindered by the pragmatic and weighty UK presence.”

He said these changes would work against London as it becomes a third country financial centre.

Morris said as a result it would be harder for Britain to achieve the illusory standard of “equivalence” to achieve post-Brexit market access to the EU as it becomes increasingly unattractive for London’s financial centre to equate to a less liberal regime.

"What's the right balance between EU and non-EU financial services, in particular in the context of Brexit, in key sectors"

The authors write that this question would be addressed amid continued efforts to build a pan-European 'capital markets union' (CMU) aimed at making the bloc more self-sufficient in core financial services.

"Building the CMU will be even more important as the UK withdraws from the Union," said the document, which speaks about "autonomy" of EU financial infrastructure.

So London future as a financial centre is doomed?
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paul514
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(Original post by richard10012)
Critically, the list of planned legislative changes will examine how to make the bloc less dependent on Britain and the capital of London, the region's preeminent financial centre.

"Following the departure of the UK, there will be significant work to manage the relationship between the EU27 and the UK in the field of financial services, which will be a source of risk," said the document.

Simon Morris, a finance services partner at law firm CMS, said in response: “First, the EU will accelerate financial change, unhindered by the pragmatic and weighty UK presence.”

He said these changes would work against London as it becomes a third country financial centre.

Morris said as a result it would be harder for Britain to achieve the illusory standard of “equivalence” to achieve post-Brexit market access to the EU as it becomes increasingly unattractive for London’s financial centre to equate to a less liberal regime.

"What's the right balance between EU and non-EU financial services, in particular in the context of Brexit, in key sectors"

The authors write that this question would be addressed amid continued efforts to build a pan-European 'capital markets union' (CMU) aimed at making the bloc more self-sufficient in core financial services.

"Building the CMU will be even more important as the UK withdraws from the Union," said the document, which speaks about "autonomy" of EU financial infrastructure.

So London future as a financial centre is doomed?
Well there is 3 financial centres in the world and the biggest is London.

Whatever happens it’s still going to be huge
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