Financial Services: EU Law

Treasury written question – answered on 29th November 2018.

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Photo of Stephen Timms Stephen Timms Labour, East Ham

To ask the Chancellor of the Exchequer, pursuant to his oral contribution of 22 November 2018, Official Report column 1097, on the terms of the agreement that he has reached with the EU and EU equivalence on financial services not being withdrawn on a whim, what assurances he has received on the future notice period for withdrawal of such equivalence by the EU.

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

The political declaration states at Paragraph 39 on page 9, that both parties are committed to developing ‘…close and structured cooperation on regulatory and supervisory matters’. It goes on to note that this cooperation should ‘…include transparency and appropriate consultation in the process of adoption, suspension and withdrawal of equivalence decisions’. This means that the UK and EU have instructed negotiators to deliver a legal agreement by the end of 2020 which incorporates these principles in relation to equivalence in financial services, keeping in mind a joint commitment to preserve financial stability and market integrity.

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