EU cancels access to its financial markets by some countries

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      According to an EU document seen by Reuters, the EU intends for the first time to cancel some countries'access to some EU financial markets, which will alarm Britain as it draws back from Europe.
The document evaluates the so-called "equivalence" system of the EU, according to which non-EU banks, investment companies, liquidation agencies or credit rating agencies are granted access to financial markets on the premise that the EU determines that the rules for the location of these institutions are consistent with those of the EU.
If British companies do not intend to invest in the establishment of new financial centres in the EU, they may have to take advantage of the system after leaving Europe.
A notice posted on the European Commission's website earlier this year showed that it planned to revoke peer-to-peer decisions against credit rating agencies in Australia, Brazil, Singapore and Argentina because the regulations applied by these agencies were less stringent than those applied by Eurozone internal rating agencies.
The draft document to be released by the European Commission next week confirms that the relevant reciprocal decision will be cancelled due to regulatory differences.
The EU has adopted more than 280 reciprocal decisions involving 30 countries outside the EU and has never revoked any of them before.


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