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UAE among the non-EU financial centers authorized in EU

17 Dec 2016

(MENAFN) According to the EU’s executive European Commission, The European Union has authorized a batch of countries outside the bloc to offer clearing and trading of securities to EU firms, including India, Brazil, New Zealand, United Arab Emirates, Dubai and to those of Japan specializing on commodities.

In details, that means clearing houses and exchanges in those countries can now serve EU-based customers, because their home rules are equivalent or equally robust.

Also, the commission had decided that if Britain pulls out of the single market when it leaves the EU, lawyers say, seeking a similar equivalence decision from Brussels may be the only realistic option for its banks to continue serving continental customers.

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