ECON DRAFT REPORT ON FINANCIAL SERVICES REGULATION AND SUPERVISION RELATIONSHIP BETWEEN EU AND THIRD COUNTRIES

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) published its draft report on the financial services regulation and supervision relationship between the EU and third countries.

The draft report contains a motion for a European Parliament resolution and includes, amongst other things calls:

  • on the European Commission to adopt a legislative act establishing a clear framework for a transparent, coherent and consistent application of equivalence procedures which introduces a standardised process for the determination of equivalence;
  • for equivalence decisions to be reviewed at least once every three years by the relevant European Supervisory Authorities and for such reviews to be made public; and
  • on the Commission to consider the possibility of introducing an application process for granting equivalence which could be opened to third countries on a date specified in a given piece of legislation.