Government takes equivalence decisions

The Treasury has announced its first set of equivalence decisions for EEA measures.  The decisions relate to parts of EMIR, the CRR, Solvency 2, the CSDR, the Benchmarks Regulation, the CRA Regulation, the SSR and CCPs, and broadly replicate decisions already taken at EEA level in respect of specific obligations and specific jurisdictions. There will be a separate instrument from BEIS on statutory audits.

Separately, it has published a guidance document setting out the principles and processes that will govern its equivalence framework going forwards.  The guidance explains how the framework operates in relation the onshored legislation and how the process will work in future.

FCA noted that in some instances the decisions will allow EEA firms to continue to access the UK markets, and in some cases firms will need to take action in order to benefit from the changes.  FCA has also summarised some of the decisions and what they mean for firms.