French Minister Says EU May Grant U.K. Limited Equivalence
- Some rulings could be granted by mid-2021, Beaune says
- Any equivalence would be temporary, revocable and unilateral
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A French minister close to President Emmanuel Macron says he thinks the European Union may grant some form of equivalence rulings that could allow the U.K.’s financial sector to do business across the continent -- but he warns they’ll be limited.
“There will probably be partial equivalence, probably by the end of the semester,” Clement Beaune, junior minister for EU affairs, said in an interview on Wednesday. That would be mid-2021.