U.K. Often Wins EU Finance Rule Concessions, City of London Says

The U.K. government wins concessions more often than it loses ground when European Union lawmakers draft rules governing the financial-services industry, according to research from the City of London Corporation, which governs and lobbies for the British capital’s financial district.

A British vote to exit the 28-nation trading bloc in a referendum on June 23, or so-called Brexit, would leave the country with “less, or no, influence” over EU rules governing banks, asset managers and insurers, according to the report published Monday by the City in conjunction with law firm Norton Rose.

Chancellor of the Exchequer George Osborne roped in JPMorgan Chase & Co. boss Jamie Dimon on Friday to back up his warnings about the costs of leaving the bloc as polls suggested pro-EU Prime Minister David Cameron’s side is struggling to get its message across. With just under three weeks to go until the vote, polls suggest support is starting to veer toward Brexit, with the potentially negative consequences for the nation’s financial-services firms.

“The U.K. punches above its weight in Europe,” Mark Boleat, chairman of the City of London’s policy and resources committee, said in an e-mailed statement. “Our place at the negotiating table means that, quite rightly, we have a strong voice on the policies that affect us.”

The paper found the U.K.’s Financial Conduct Authority played a “significant role” in the early drafting of several pieces of EU regulation. It said Britain was able to secure some “successes” for its financial-services industry by influencing legislation such as the Solvency II directive, which requires insurers to hold more capital, and the Markets in Financial Infrastructure Directive and Regulation, which governs everything from derivatives trading to bond pricing.