UK to Seek EU Mutual Recognition Deal For Financial Services

Business » FINANCE | February 16, 2018, Friday // 10:58| Views: | Comments: 0
  • Send to Kindle
Bulgaria: UK to Seek EU Mutual Recognition Deal For Financial Services

Britain’s government is ready to push for a mutual recognition system to regulate financial services after it leaves the EU in order to preserve the City of London’s access to the bloc, Reuters reported on Friday.

Under the proposal, Britain and the European Union would recognize each other’s regulatory and supervisory regimes, an option long favored by the financial services industry, the FT said.

British finance minister Philip Hammond was expected to back the proposal in a speech in coming days.
No one was immediately available to comment at the ministry.

Bank of England Governor Mark Carney has previously said Britain and the EU should adopt a system of mutual recognition or run the risk of a damaging hit to financial services across Europe.

A dispute resolution mechanism would be part of the plan, the FT said.

Such a proposal is likely to be challenged by the European Commission which has said Britain cannot pick and choose which parts of the EU’s single market it can retain.

Finance » Be a reporter: Write and send your article
Tags: Britain, EU, financial services, Brexit All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria