The bloc grants financial market access right, or so-called “equivalence provisions” to non-EU financial firms such as lenders, investment firms, clearing houses or credit rating agencies, as long as it considers their home rules to be in line with the EU’s.
SINGAPORE (July 29): The European Commission will strip Singapore and four other countries of some market access rights this week, according to a Financial Times report citing a document.
The European Commission will deem that Singapore, Canada, Brazil, Argentina and Australia no longer regulate credit rating agencies as rigorously as the European Union – thereby removing a status that makes it possible for European banks to rely on those rating.
