In an astute observation, a member of the European Parliament notes that to ensure access to EU markets, Britain will still have to comply with EU financial regulations, but will no longer have the ability to influence them. Another unfortunate consequence of the Brexit.
One of the EU’s top voices in market regulation has stated the UK will have to apply EU standards for financial service providers based in Britain to do business. Markus Ferber, member of the European Parliament...said Britain’s access to the EU single market “will only be possible if equivalence of the British legal framework with the European one is safeguarded. The United Kingdom will essentially have to apply European standards that it can no longer influence.” Ferber also stated the European Banking Authority (EBA) will have to be relocated from London, and following the UK exit, Britain will be responsible for regulating its own tax and competition issues. In addition, Ferber has given his assurances that there will be no change of course on implementing market regulations despite a change of guard at the European Commission.