EU warns banks in the UK they face longer wait for market access after Brexit
Financial Times report on the EU warning the City of London it may have to wait beyond the end of this year to know whether it will secure access rights to the whole of the bloc's market
Valdis Dombrovskis, a executive vice-president of the European Commission
- said that Brussels would not be ready in the coming months to assess whether Britain qualifies for some pan-EU access rights, known as equivalence provisions, because the bloc's own regulations are in flux.
FT link is here (may be gated)
Long story short on this is that without equivalence it means UK-based companies would rely on regulators in the UK striking agreements with counterparts on a country-by-country basis. Delays, extra costs, complexity.