Ambassadors from the remaining 27 EU countries yesterday published the outlines of their negotiating stance, and once again reminded that the process would be ‘’very hard’’ and might fail if the Irish border isn’t secured. Reuters reports. Some say their section on financial services is particularly vague with no date for an ‘assessment of equivalence’’. Britain publishes its stance tomorrow. Separately, Barney Reynolds, specialist financial regulation lawyer at Shearman & Sterling, believes that UK supervision of many of the EU’s biggest banks ‘’has protected the world’s financial markets from significant oversights in EU law’’ because EU financial regulations misrepresent the risk levels of Eurozone debt.
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