Financial Services

Treasury written question – answered on 26th November 2018.

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Photo of Stephen Timms Stephen Timms Labour, East Ham

To ask the Chancellor of the Exchequer, with reference to the November 2018 Outline Political Declaration on the Future Relationship, whether EU equivalence decisions on UK financial services will be revocable with 30 days' notice; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The financial services section of the Political Declaration on the Future Relationship outlines that as part of the close and structured cooperation between the UK and EU on regulatory and supervisory matters that there should be initial decisions on equivalence by June 2020 and clear processes around the suspension and withdrawal of equivalence decisions in future. As of today, there are 43 equivalence provisions in EU legislation across a range of financial services sectors, of which only three[1] state that jurisdictional equivalence can be withdrawn with 30 days’ notice. The agreement reached with the EU will establish new processes to give further confidence to firms and consumers that the equivalence relationship between the EU and UK will be a durable one.

[1] MiFIR Article 33, STFR Article 21 and EMIR Article 13

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