PA Consulting Group’s David Biggin, a financial services regulation expert, is quoted in The Banker. David discusses the impact of the UK’s vote to leave the EU on the City of London.
Commenting on the need for UK banks to prove equivalence to EU regulations, David says: “The question is how quickly this [equivalence status] will happen. If the government or the regulators want to make changes to the rule book, that could mean equivalence won’t be in place before the UK leaves the EU.”
David goes on to warn that for markets not covered, for example, by MiFID 2, the situation is not clear cut. Commenting on the undertakings of the Collective Investment in Transferable Securities directive, which is aimed at allowing mutual funds to be sold across the EU, David says: “The ability to distribute products is given at the European level and that could be removed or altered once the UK leaves the EU.”