UK Should Protect Autonomy In EU Finance Deal, Says Report

Law360, London (March 24, 2021, 12:37 PM GMT) -- Britain should not diverge too far from the European Union's regulations to gain access to its markets, U.K. lawmakers warned on Wednesday, as they said that Whitehall must maintain autonomy in writing financial rules.

The House of Lords EU services subcommittee said in a report that the EU is unlikely to grant access to its financial markets and customers "without the U.K. sacrificing more decision-making autonomy than equivalence is worth."

Britain left the bloc's regulatory orbit on Dec. 31 without a deal on financial services. The European Commission has the power to make equivalence decisions, declarations that a country's financial rules...

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