Despite four years of negotiations, extending European Union recognition of Swiss stock-exchange regulations beyond this year is still not on the table, according to European Commission Vice President Valdis Dombrovskis.

No accord on so-called “equivalence” rules by the end of December would result in SIX Swiss Exchange, the country’s main stock exchange, and other trading venues losing access to EU business.

In a letter sent to EU lawmaker Markus Ferber on November 27, two days after Swiss voters rejected a referendum proposal to give the country’s laws priority over international law, Dombrovskis said: “At this point in time there is not sufficient progress in our discussions with the Swiss authorities to allow for the extension of the equivalence decision for Swiss stock exchanges beyond December 2018”.

As reported by the Reuters news agency, the vote was seen as a positive development for the talks with the EU, but new negotiations have still to begin in earnest. The Swiss cabinet is expected to discuss its next moves on November 30.

The Swiss Finance Ministry and the SIX Swiss Exchange declined to comment on November 28.