SINGAPORE (July 29): The European Commission will strip Singapore and four other countries of some market access rights this week, according to a Financial Times report citing a document.

The European Commission will deem that Singapore, Canada, Brazil, Argentina and Australia no longer regulate credit rating agencies as rigorously as the European Union – thereby removing a status that makes it possible for European banks to rely on those rating.

The bloc grants financial market access right, or so-called “equivalence provisions” to non-EU financial firms such as lenders, investment firms, clearing houses or credit rating agencies, as long as it considers their home rules to be in line with the EU’s.

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