HavocXphere
Honorary Master
It’s a matter of financial passport, the banks operating in EU must be based in EU countries - which excludes London.
Sorta. If I'm not mistaken it would just be a case of amending the MiFID II text. Minor tweak & could be easily done regardless of single market (not really connected).I thought being in the single market was the reason for the passport? That is possible without being in the EU (and I suspect what the end fudge to save the UK economy will involve).
The issue here is whether the EU will allow it. Such a tweak would be seen as another attempt to have you cake and eat it too. From an EU perspective they can just leave the UK to flounder on this topic and then the financial services will move into EU territory on their own.
No idea how the UK thinks they're going to save that...maybe the EU will be kind and offer an equivalency arrangement. It's another case of WTF were you guys thinking...