EU and UK rules on financial trading will diverge
Wednesday, May 15, 2024
Significance
Some of these rules will directly impact UK-based financial services firms enmeshed in UK markets, though the United Kingdom aspires to diverge from the common regulatory regime in some respects.
Impacts
- EMIR 3 aims to improve EU clearing services’ attractiveness by simplifying procedures including streamlining approval procedures.
- Financial industry associations fear that several EMIR 3 provisions will undermine the competitiveness of EU firms.
- In the United Kingdom, the lack of information on the reform of alternative investment funds rules is prompting AIFs to ‘wait and see’.