• EU vows to get tough on UK’s market access after Brexit: Valdis Dombrovskis, the EU’s financial services chief, said he welcomed UK proposals to build market access for the City of London around EU rules, known as “equivalence”. But he said market access could never be taken for granted, with Brussels determined to toughen its assessments of whether countries meet the conditions. The equivalence rules make it easier for non-EU financial institutions to operate in the single market if the European Commission decides that their home country’s financial regulations are as tough as the EU’s own. Mr Dombrovskis said Brussels was not offering any kind of “super equivalence” to the UK, and that assessments of whether Britain qualified would require individual assessments “sector by sector and legislation by legislation”. He also said Brussels was pressing ahead with measures to reinforce oversight of equivalence access, with stronger requirements for countries’ financial supervisors to share information with the EU and more monitoring of whether jurisdictions continued to meet the criteria. (Financial Times)
  • Banking is surprise item on list of Brexit ‘no-deal’ impact papers: A Brexit “no-deal” impact paper for financial services has been listed among the first batch of official assessments due to be published on Thursday, at a time when banks and insurers have been warning about the risks of a disorderly exit from the EU. The paper was unexpectedly slated as one of about 20 “no-deal” papers to be published, covering subjects as diverse as nuclear research, farm payments and state aid. The government wants to spell out what action it will have to take should the UK crash out of the EU. The papers are understood to be relatively short, anywhere between two and five pages, and all follow a set template. The idea is to set out what actions government would have to take in each sector in the event of a no-deal Brexit, and to help clarify for businesses and organisations how they might need to respond. (The Guardian)