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Firms may have no option but to set up full European shops: senior EU official

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Firms may have no option but to set up full European shops: senior EU official

Financial firms currently based in the U.K. will have no option other than to establish fully fledged operations inside the EU if talks around Brexit do not produce an agreement on regulatory equivalence, European Commission Vice President Valdis Dombrovskis warned.

Dombrovskis said at a news conference in Dublin that the option of equivalence was available as a "tool" but that he could not prejudge the outcome of talks between the UK and the EU, Reuters reported Feb. 1.

"Another possibility, which is currently available is the establishment of [a] presence in the EU27, that doesn’t mean letterbox companies," Reuters reported Dombrovskis as saying.

EU negotiators have warned they will withdraw the right of UK-based firms to sell products and service clients if Britain leaves the single market, the newswire reported.