Ezra Zahabi Quoted in Financial Times on UK’s New EU Regulations Deal
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Financial Times has quoted Akin Gump financial regulatory partner Ezra Zahabi in the article “Doubts over EU regulations deal raise prospect of higher City costs.” The article reports on a change in U.K. financial rules that could make it harder to secure agreement on financial services access.
According to the FT, anyone exporting financial services to the European Union in the next six months could see increased costs. For smaller and medium-sized U.K. financial firms, the article says, that could mean expensive and time-consuming license applications to individual national regulators across the EU.
In the end, though, Zahabi said the costs and regulatory approvals that U.K. firms have to meet next year could come down to the issue of EU fishing rights to U.K. waters, a factor that is irrelevant to the ill-fated EU-Switzerland equivalence deal.
“The ability of the UK financial services sector to access EU markets may well depend as much on what happens with the fisheries as the prudential standards,” Zahabi said.
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