The Lonely Londoners: Doubts Plague UK Quest for Equivalence
By Samuel Wilkes
January 12, 2021, Risk
Four years, six months and nine days after the UK voted to leave the European Union, the country finally, practically speaking, left the single market. A transition period that had treated the departing nation as if it was still a member state lapsed on December 31.
Since then, trading between UK and EU entities has been impeded by the lack of so-called equivalence determinations, through which the EU recognizes the UK regulatory regime for various rules. That has led to restrictions being imposed on cross-border financial activities between the two jurisdictions. The path out is hazy and market participants wonder how long the current uncomfortable situation will last.
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