{"id":124797,"date":"2021-05-12T14:37:21","date_gmt":"2021-05-12T14:37:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=124797"},"modified":"2021-05-12T14:37:21","modified_gmt":"2021-05-12T14:37:21","slug":"french-watchdog-expects-britain-to-diverge-from-eu-on-financial-rules","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/french-watchdog-expects-britain-to-diverge-from-eu-on-financial-rules\/","title":{"rendered":"French watchdog expects Britain to diverge from EU on financial rules"},"content":{"rendered":"<figcaption>FILE PHOTO: A person jogs, with financial district in the background, in London, Britain, January 5, 2021. REUTERS\/Henry Nicholls\/File Photo<\/figcaption><p>LONDON (Reuters) &#8211; French markets watchdog AMF said on Wednesday it expects Britain to take advantage of Brexit to diverge from European Union financial rules in an effort to make the City of London more attractive to investors.<\/p>\n<p>The City has been largely cut off from the EU as Brussels has yet to decide on how much direct access it will grant Britain in financial services, a sector not covered by the bloc\u2019s post-Brexit trade deal with the UK.<\/p>\n<p>Britain\u2019s access to EU markets will hinge on whether Brussels deems UK financial rules sufficiently \u201cequivalent\u201d or aligned with those in the 27-nation bloc. This is made harder by divergence on either side.<\/p>\n<p>\u201cI see obviously an increasing divergence between the UK and EU27, but I think it\u2019s quite normal,\u201d AMF Secretary General Benoit de Juvigny told a conference held by the International Swaps and Derivatives Association.<\/p>\n<p>\u201cThe UK intends to take advantage of its new autonomy and try to develop its own financial centre, its own financial market, and the EU is attached to its sovereignty and wants to develop its own financial services.\u201d<\/p>\n<p>The bloc\u2019s financial services chief Mairead McGuinness told the ISDA conference on Tuesday that equivalence would not be granted if there were a \u201cwide divergence\u201d in rules.<\/p>\n<p>Separately on Wednesday, France said it would delay implementing any EU cooperation agreement with Britain in the area of financial services until the UK grants European fishermen fair access to its rich fishing waters.<\/p>\n<p>A lack of cross-border access has forced swathes of trading in euro-denominated derivatives to leave the City for the EU and New York, putting branches of French and other EU banks in London at a disadvantage.<\/p>\n<p>\u201cI really think it\u2019s a bad solution. I hope the EU authorities in future find a different solution,\u201d de Juvigny said.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/britain-eu-markets\/update-1-french-watchdog-expects-britain-to-diverge-from-eu-on-financial-rules-idUSL1N2MZ1EU\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: A person jogs, with financial<\/p>\n","protected":false},"author":3,"featured_media":124796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>French watchdog expects Britain to diverge from EU on financial rules - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/french-watchdog-expects-britain-to-diverge-from-eu-on-financial-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French watchdog expects Britain to diverge from EU on financial rules - 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