Leaked EU paper softens French blow to Mifir equivalence

Council draft ditches national licensing but introduces conditions on equivalence for some services

Council of the European Union - wikicommons.jpg
Supporters of French plan nowhere to be seen
Council of the European Union/Wikimedia Commons

A draft legislative proposal from the Council of the European Union removes severe curbs on third-country investment firms put forward by its French members, which would have replaced the EU’s relevant equivalence framework with national licensing for certain activities.

But the November 28 document, seen by Risk.net, gives the European Commission (EC) the power to place “operational conditions” on non-EU firms providing systemically important services, which could reintroduce some of the

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