Re:HSBC CEO Says Bankers Generating 20% of London Revenue Ma...
by notahacker on Wednesday January 18, 2017 @12:42PM
(#13428376)
The UK is leaving the EU in order to be able to opt to not abide by EU rules.
The UK hasn't a stated position on financial regulation beyond statements about grandfathering wordings until the UK government gets around to changing them, pledges rejecting all EU court oversight and some veiled threats to radically liberalise everything if they can't get the negotiation outcome they wish for.
There exists a provision not-yet-implemented in UK or EU law which would give EU bodies some scope to allow some passported functions to be performed by people outside the EU if the country operating outside the EU agreed to abide by all the relevant EU financial rules to their satisfaction.
Surprisingly, some banks don't find this provision for revocable permission contingent on non-binding commitments by the EU and UK quite as reassuring as the regulatory framework the UK has opted to tear up (particularly not for the staff performing functions not covered by MiFiD II)
And somehow this is the EU leaders "planning to carve up people's lives and jobs"
The level of intellectual dishonesty required to make the arguments you are making is really quite staggering.
The UK hasn't a stated position on financial regulation beyond statements about grandfathering wordings until the UK government gets around to changing them, pledges rejecting all EU court oversight and some veiled threats to radically liberalise everything if they can't get the negotiation outcome they wish for.
There exists a provision not-yet-implemented in UK or EU law which would give EU bodies some scope to allow some passported functions to be performed by people outside the EU if the country operating outside the EU agreed to abide by all the relevant EU financial rules to their satisfaction.
Surprisingly, some banks don't find this provision for revocable permission contingent on non-binding commitments by the EU and UK quite as reassuring as the regulatory framework the UK has opted to tear up (particularly not for the staff performing functions not covered by MiFiD II)
And somehow this is the EU leaders "planning to carve up people's lives and jobs"
The level of intellectual dishonesty required to make the arguments you are making is really quite staggering.