HM Government publishes Brexit Financial Services framework

The UK Government has published a presentation (dated 25 July) that sets out a proposed ‘Framework for the UK-EU partnership’, as part of the preparations by the UK Brexit negotiating team.

This document sets out a proposed model, that would be based on the principle of autonomy, including autonomous judgement over market access, legislation and rule making, and equivalence as an ‘evidence-based judgement on the equivalence of outcomes’.  It proposed bilateral, Treaty-based commitments, modeled on the proposed TTIP and the recently concluded EU-Japan trade agreement (both of which of course have been several years in negotiation).  The presentation in particular appears to point to the EU-Japan agreement as providing a precedent for the proposed approach.

It concludes by addressing a number of EU concerns, including acknowledging the allegation that the UK may be seeking to cherry pick rights and responsibilities by commenting that the proposal “sets out a balance of rights and responsibilities for the UK and does not replicate current levels of market access”