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In an interview with the Financial Times (FT), the European Commission Executive Vice President Valdis Dombrovskis warned the banks in the city of London that they will have a longer waiting period for market access after Brexit.

Key quotes

“City of London may have to wait beyond the end of this year to know whether it will secure access rights to the whole of the bloc’s market.”

“Brussels would not be ready in the coming months to assess whether Britain qualifies for some pan-EU access rights, known as equivalence provisions, because the bloc’s own regulations are in flux.”

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