UK set for restricted financial markets access under equivalence

EU membership allows for unrestricted access for financial services but the system of equivalence, which the EU extends to a number of countries it deems to have comparable regulatory regimes, only covers a limited range of market participation. Law firm Hogan Lovells estimates the regime only covers around a quarter of all EU cross-border financial services business. This would give UK financial firms the same level of access as large US and Japanese business, while at the same time tying...