UK Watchdog Says Banks Must Still Apply EU Rules

Britain’s financial markets watchdog will continue to apply all European Union rules until there is clarity on future relations with the bloc, the UK’s markets regulator said on Tuesday.

Britain voted last month to leave the EU, raising questions about whether banks and investment firms will continue to have access to the bloc’s single market or which rules would apply.

“As a starting point, I would emphasize that the UK remains a member of the EU until such time as things change, and so all our rules continue to apply, whether they originate in the EU or not,” Financial Conduct Authority (FCA) Chief Executive Andrew Bailey said.

Reuters

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