UK Will Not Be A Ruletaker To Get EU Equivalence, BoE Says

Law360, London (January 6, 2021, 5:30 PM GMT) -- Forcing U.K. firms to continue following financial services rules set by the European Union is too high a price to pay to secure access to the bloc's markets in March, the Bank of England told an influential parliamentary committee Wednesday.

Andrew Bailey, governor of the central bank, told the House of Commons Treasury Committee that Britain will not change its financial services regulations in line with the European Union's own rules, as this would effectively amount to ruletaking.

The U.K. left the bloc's regulatory orbit on Dec. 31 after securing a trade deal on Christmas eve. But the agreement does not...

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