6/30, 6:01 PM (Source: TeleTrader)
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UK proposal on financial services unacceptable - Barnier

The United Kingdom's propositions regarding the regulation of financial services are unacceptable, European Union's Brexit negotiator Michel Barnier (pictured) stated on Tuesday.

Speaking at the Eurofi General Assembly, the official warned that London is trying to keep single market benefits without fulfilling any obligations, asserting that its proposals would "severely limit the EU's regulatory and decision-taking autonomy."

"The EU must ensure that important risks to our financial stability are managed within the framework of our Single Market ecosystem of legislation, supervision and jurisdiction," Barnier said, noting that the bloc and the UK will be two separate markets with two jurisdictions.

Breaking the News / MD