French ‘bombshell’ would gut Mifir equivalence, say lawyers

Leaked non-paper would also clamp down on reverse solicitation for EU wholesale clients

France and EU

The French delegation at the Council of the European Union has put forward proposals that effectively scrap the EU’s equivalence regime for third-country firms providing cross-border services and activities into the bloc, say lawyers.

The proposals would force firms from third-country jurisdictions – even those deemed to have equivalent rules to the EU – to set up either branches or subsidiaries in the bloc to provide services to European clients and counterparties. The branch or subsidiary

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