The European Union’s executive arm adopted on Wednesday a draft of a long-delayed agreement on how financial regulators in the bloc and the UK will interact and communicate post-Brexit, a possible sign of improving relations between the two sides.
(Bloomberg) — The European Union’s executive arm adopted on Wednesday a draft of a long-delayed agreement on how financial regulators in the bloc and the UK will interact and communicate post-Brexit, a possible sign of improving relations between the two sides.
The memorandum of understanding still needs to be approved by the EU’s member states before it can be finalized by the European Commission, according to a news release.
The move could allow the bloc to formally sign off as early as this summer in what would be a boost for London, which has made little progress since leaving the EU in securing agreements for how its lucrative financial sector will interact with its largest trading partner.
While the agreement is simply a way to structure how regulators speak to one another, progress on that front would be a sign of increased UK diplomacy on the matter, a person familiar with the UK regulatory process has previously said.
Read More: UK and EU Close In on Deal for Post-Brexit Financial Regulation
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