LONDON, March 23 The European Union's system for
granting market access to banks outside the bloc will not work
for a financial centre the size of Britain after Brexit, a top
European regulator said on Thursday.
Gerard Rameix, chairman of France's AMF markets watchdog,
said the "equivalence" regime - whereby Brussels grants access
to firms from non-EU countries with similar rules - must be
adapted specifically for Britain.
The equivalence regime "won't be appropriate" for the UK as
it will become a "very particular third country", Rameix said in
a speech at Chatham House in London.
The EU's equivalence regime "must be carefully reassessed.
This would require a more granular assessment of equivalence"
compared with the current system based on outcomes, he said.
The bloc must also be able to supervise the clearing of
euro-denominated transactions, Rameix said. Such clearing is
currently largely based in London.
(Reporting by Huw Jones; Editing by Alexander Smith)