Tag Archives: equivalence

FMLC looks at Brexit third country issues

The Financial Markets Law Committee has published its views on the legal uncertainties related to the future classification of the UK as a third country in respect of the EU. The purpose of the paper is not to make recommendations, but to highlight legal issues. The paper focuses on: activities for which there is no […]

Andrew Bailey upbeat on Brexit

Andrew Bailey has spoken on how free trade, freedom of location¬†and open markets in financial services can continue after Brexit . His key point was that firms should be able to take their own decisions on where they locate provided there are appropriate regulatory measures in place to protect the public interest.¬† And these measures […]

Parliament urges FS transition after Brexit

The EU Financial Affairs Sub-Committee has published its report on Brexit and financial services. The report says it is critical to agree a transitional period for financial services to avoid a “cliff edge” which could cause UK firms to restructure or relocate working on a “worst case” scenario. It notes that the equivalence provisions in […]

BBA publishes Brexit information sheets

BBA has published a series of “quick briefs” on Brexit. It says the papers should help explain the major issues Brexit presents for banks and customers. The briefs cover: Staying in or leaving the single market An orderly exit from the EU Passporting and Equivalence

FCA summarises financial services under WTO

Andrew Bailey has written to the Treasury Committee outlining what the regulatory landscape for financial services would be if the UK were a “third country” in respect of the remaining EU27, with access rules essentially governed by WTO protocols. The letter considers: the “most favoured nation” and “national treatment” principles embodied in the General Agreement […]