Brexit Britain “will not get” additional banking rights, warns French Minister for Europe | Politics | New


French Minister Clément Beaune insisted that it would now be impossible for the British Brexit to benefit from the passport, the right for banks to provide certain services throughout the EU. Speaking to Bloomberg, Mr Beaune insisted the passport was never granted to countries outside the bloc. He noted that equivalence could be granted in the UK, but this would not be guaranteed and would be done on an ad hoc basis.

Asked whether future deals with the EU could give UK banks additional rights, Mr Beaune said: ‘No, the passport is finished, that’s where I brought up the consequences of Brexit .
“This is one of the obvious consequences of Brexit, so no more passports.

“There is no way to get a passport when you are outside the EU, it is not possible. ”

Mr Beaune noted that the EU could take a unilateral decision to give the UK some access to EU markets.

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He said: “What is possible after a unilateral decision of the EU, to be decided by us 27, is to give equivalence – possible access to our financial markets on an ad hoc basis.

“This will involve looking at the segment of the market you want to give access to, then the EU will decide for itself and it will also have the power to revoke this access authorization.

“It’s a very different world we lived in before December 31st.

“It is very clear that the passport is finished, there is no parallel negotiation in financial services, the deal is done.

He said: “We have seen what happened to equivalence in Switzerland and you can see it 18 months ago, Switzerland still has not achieved equivalence.

“It is really important to offer investors a single platform to be able to trade in a pan-European environment and that is exactly what we are doing.

“Unfortunately, that means we have to operate in two offices with the ability to trade any EU, UK or EU 27 stock in either of the markets in which we operate.

“The problem we have with what happened here with Brexit is that if the UK loses its passport and an obligation to exchange shares in Europe, that means European investors have to trade Europe and UK investors for European stocks will either have to leave. in Europe or trade in London. ”


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