The UKs request for the European Union to expand its financial market access after Brexit isnt going to be met in the near future Reuters citing Levin Holle director general of financial markets policy in Germanys finance ministry reported that request wont be met any time soon The UK wants its access to the EUs financial market to be based on a broader version of the equivalence regime which gives countries with regulations that are aligned with the EU access Its a system that banks in the US Japan and Singapore use to offer some services to EU customers without the need to set up a unit in an EU country Reuters noted the system doesnt cover banking activities such as lending and asset management Expanding equivalence regimes to other areas for example banking seems less likely in the short term since this would touch fundamental questions of EU supervision of these regulated activities on the one hand and national preferences of member states on the other Holle told Eurofi magazine He said it could take the EU until 2020 to decide on the request that year marks the end of a transition period in which the UK still follows EU rules As part of the Brexit transition deal Britain is set to pay the EU between 35 billion and 39 billion euros US 41 billion US 46 billion over the coming decades The country is due to leave the bloc in March of 2019 But Brexit Secretary Dominic Raab told members of Britains upper house of Parliament on Wednesday Aug 29 that not all of the payments were a legal obligation and that the country could actually delay sending funds without a deal I dont think it could be safely assumed on anyones side that the financial settlement that has been agreed on as part of the withdrawal bill would then just be paid in precisely the same shape or speed or rate if there was no deal he said