U.K. Warned of ‘Consequences’ of Splitting From EU Finance Rules
- McGuinness comments on Brexit after nomination as EU regulator
- EU preparing for a no-equivalence outcome from talks, she says
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The nominee for the European Union’s top financial oversight job warned the U.K. to expect “consequences” after Brexit if London decides to split with the bloc on how it regulates the industry.
Mairead McGuinness told members of the European Parliament in Brussels that there will be “significant changes” for the finance sector. The EU is preparing for the fallout if it decides against granting any further cross-border access to London-based banks and trading venues, McGuinness said.