EU Access To UK Financial Services May Tighten After Brexit

Law360 (March 28, 2019, 4:20 PM EDT) -- EU policymakers recently reached a provisional agreement on a package of measures which may strengthen the equivalence regime that would apply to U.K. investment firms post-Brexit. The deal also sets out legislative proposals for new prudential requirements for investment firms.

The agreement bolsters the EU Commission’s powers to determine who will be granted access to EU clients, and will impact investment firms as a result. It gives the commission the ability to assess capital requirements applicable to firms providing bank-like services to ensure they are equivalent to those applicable in the EU. The Capital Requirements Regulation and Directive, or CRD4, subjects...

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