London looks to Tokyo over future of British banks in EU

September 2018

The UK government is looking at the relationship between Japanese banks and the European Union as an example for British banks to follow after leaving the EU, The Japan Times reported on 21 August.
A government paper states that the UK wanted equivalence, where the EU recognises rules as strict as its own, but a more generous version than that which other non-EU countries have, the report says.
It also says that the pact between the EU and Japan had been cited as an example for the rules the UK wanted, as this allows for taking into account the impact of each other’s decisions and regulatory dialogue between the two.