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Keep EU markets fit to compete with London, says French regulator

·1-min read
FILE PHOTO: Skyscrapers in The City of London financial district are seen in London

LONDON (Reuters) - A European Union review of securities rules should focus on keeping market participants competitive after Britain's departure from the EU, France's markets watchdog said on Wednesday.

Robert Ophele, chair of the AMF financial regulator in Paris, said only "targeted amendments" were needed in the review of the "MiFID" rules.

"We should recognise that, broadly speaking, MiFID is a success," Ophele told an Afore Consulting webinar.

He said the EU, now challenging Britain as a home for financial business, had to make sure its market participants remained competitive "without any race to the bottom".

"We need to find the right balance, both of us - the EU and the UK - in that field," Ophele said.

Britain has said it will diverge from some of the rules it inherited from the bloc but will not dilute standards.

At the same time, faced with the prospect of being largely shut out of EU financial markets for months or longer, Britain is keen to use its freedom from the bloc's rules to boost the City of London's attractiveness as a global financial centre.

A government-sponsored review of UK listing requirements due this month is expected to recommend greater flexibility in rules to attract more tech companies to float in London.

(Reporting by Huw Jones; Editing by Kevin Liffey)