The so-called memorandum of understanding on financial rules may seem like a fairly low bar for such economically-tied neighbours. “We are ready to start work on the finalisation of the MOU on financial services regulatory cooperation,” said European Commission spokesman Daniel Ferrie. “If barriers are reduced, it could be a win, win, not an I win, you lose,” Farkas said. The UK has got almost nowhere trying to win equivalence agreements from the EU since Brexit. For Jonathan Hill, a member of Britain’s House of Lords and the EU’s former Commissioner on Financial Services, that is not a surprise.

Source: The Herald March 09, 2023 03:56 UTC