EU equivalence requirements set to hit trade with India
India has no plans to become an equivalent country under EU regulations on financial services. India’s decision is likely to foreshadow problems with other emerging countries trading with the EU
EU regulations where equivalency requirements are necessary are likely to harm the ability of European financial institutions to do business with India as the country's financial regulator, the Reserve Bank of India, has no intention of applying for equivalence, according to Thomas Harris, vice-chairman of Asia at Standard Chartered Bank.
"[The bank] argues these rules make no sense as far as India is concerned," says Harris.
Many EU rules ban European institutions from conducting business in
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