U.K. derivatives clearinghouses will face tighter post-Brexit scrutiny from European Union (EU) regulators if they want to keep doing business in the bloc under an agreement announced by EU negotiators on Wednesday.
EU negotiators reached a deal on legislation creating tools to inspect and demand changes at foreign firms to ensure they meet the bloc's oversight standards. The agreement caps a heated debate that erupted shortly after the Brexit referendum, a debate that was closely followed by U.S. regulators trying to fend off meddling by EU officials.
“Today's agreement is essential to achieve legal certainty on the rules that will apply in the future, in particular as regards the way firms based outside the EU will be able to operate in the single market,” Romanian Finance Minister Eugen Teodorovici, whose government currently holds the rotating EU presidency, said in a statement.
See also:
- U.S. and U.K. Pledge Continuity for Derivatives
- EU Plans One-Year Derivatives Fix to Prevent Brexit Rupture
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
