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Britain must avoid tying Brussels up in red tape or antagonizing its soon-to-be former EU partners and the United States if it is to maintain access to the bloc's financial services market after Brexit.However, a transition deal, if it can be agreed between Britain and the rest of the EU, would allow passporting to continue after Brexit next March until the end of 2020 .Karel Lannoo, chief executive of Brussels think tank CEPS, said accommodating Britain would put political pressure on the EU to improve access for other non-EU states and annoy Norway, which pays for EU market access.Around 100 EU rules would need amending to broaden equivalence, potentially tying up EU legislators for years.Still, few believe the EU will offer Britain a binding commitment to expand equivalence.Some EU officials worry that Britain will dilute financial rules to bolster the City of London's role as a global financial center.
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