Both parties had agreed to complete assessments of the other’s regulatory regimes for financial services by Tuesday 30 June, with the expectation that they would deemed “equivalent”, allowing business to continue in the new year....the European commission and the UK government have blamed each other for the delay.The tactics:
Michel Barnier, the EU’s chief negotiator, told the Eurofi financial regulation thinktank that the UK had answered only four of 28 questionnaires Brussels had sent seeking information about the regulation of financial services....It is understood that the government received 1,000-plus pages of questions in April and May, with the last 248 pages arriving on 25 May....British officials are understood to be frustrated that the questions posed are fara [sic] broader in range than necessary for an equivalence decision to be reached.
I seem to remember that the City had just gone ahead with making arrangements to continue trading anyway (reported in this blog somewhere -- must find it when I'm not too busy).That seems to be confirmed by this:
The equivalence decision is outside the negotiation, but the two teams are seeking to agree on a form of cooperation on regulation of the financial services sector.If persistent rumours of a planned Tobin tax are true, I must say I am with the EU on this one. This would be an issue that would require international cooperation too -- but not just with the EU, of course. But the sheer volume of preparatory work indicates it will be a massively unwieldy and toothless form of EU regulation in the end. A lawyer's paradise as usual. And I suppose it would mean submission to the ECJ.
Meanwhile, serious news continues as promised (see June 15th 2019)
Penne for your thoughts: how to choose pasta shapes
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