February 11, 2020 / 10:07 AM / 16 days ago

"Be under no illusion" on financial services, Barnier tells UK

STRASBOURG, Feb 11 (Reuters) - British authorities should be “under no illusion” on financial services in future relations with the European Union after the Brexit transition period ends, the EU chief negotiator Michel Barnier said on Tuesday.

In a speech to the European Parliament in Strasbourg, Barnier made it clear that equivalence regimes, which govern relations with foreign partners on specific financial sectors like clearing houses or stock exchanges, would remain under tight EU control, with no special treatment for Britain.

“There will be no general, global, permanent equivalence” with Britain, Barnier said, adding that the EU will maintain control of this and would decide alone whether to grant or withdraw equivalences. “There will be no common management”, Barnier said. (Reporting by Marine Strauss and Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)

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