Jurisdiction(s):
United Kingdom

EU–UK reset masks deeper divergence in financial services: listings, MiFID, Solvency II and Solvency UK, PRIIPs, bonus cap and equivalence; clearing and Overseas Funds Regime amid limited co‑operation

Published on: 12 December 2024

Published by an LexisNexis Financial Services expert

Legal News

Article summary

The Brussels gathering of Eurogroup finance ministers was a notable moment. It was the first appearance by a UK Chancellor at the table since the country’s 2020 departure from the EU. Rachel Reeves took part to signal her administration’s intent to reset ties with the EU, particularly on economic and financial matters. Her presence was intended to demonstrate the new administration’s readiness to turn the page. She told journalists that today begins the groundwork to restore trust and repair relations after a bruising and combative few years between the UK and the European Union. Speaking after the session, she said this was a clear sign of the new UK government’s resolve to recalibrate the UK’s relationship with the European Union and of the importance she places on realising the economic potential of a shared future. Reeves stressed the need to cooperate, noting that financial markets are deeply interconnected and that safeguarding stability is a precondition for economic growth. EU policymakers welcomed both her attendance and her remarks, and appeared positive about the reset to come...

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