No Mifid equivalence for UK at end of Brexit transition

Footnote reveals assessment delay beyond January 2021, piling pressure on London-based firms

The European Commission will not initiate an assessment vital to preserving cross-border trading between the European Union and UK, citing an incomplete legal framework that prevents EU authorities from starting the process.

The revelation, contained in a footnote to a stakeholder communication published by the EC on July 9, dashes any remaining hopes that firms based in the UK would be given cross-border access to EU financial markets by the end of 2020, when the Brexit transition period is