Emma RadmoreThe Trade and Cooperation Agreement finally agreed between the UK and the EU contains very little definitive provision for financial services. As expected, there is no continuation of anything approaching the single passport, and no extension of the transitional period for outward passports. All the Agreement contains is provisions that agree to support trade in services including financial services. The Government says this will secure continued market access, and will impose obligations in a number of areas, including that cross-border trade should not be inhibited by establishment requirements and that there should be no nationality restrictions on senior personnel. In relation specifically to financial services, there is a joint declaration to committed shared objectives, and an affirmation of the intention to continue to discuss equivalence determinations. The agreement also contains several “reservations” disapplying some of the principles above in relation to certain EU Member States.
