The European Commission has stated the process of sending Stakeholder Preparedness Notices, to summarise for stakeholders the effect of Brexit on over 100 sectors. It had originally published these notices during Article 50 negotiations, and is now republishing them, updated where required. The notices published so far include those on asset management and banking and payment services.
The Commission has also published a Communication on getting ready for the changes. For financial services, it notes that the various passports will no longer apply, so the ability of UK firms to provide services in other Member States will be possible only as permitted under the third-country rules of the relevant Member State. It notes that the equivalence framework is limited and would not replicate the benefits of the Single Market even if equivalence is agreed.