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Brexit & Third-Country Arrangements

 

Brexit & Third-Country Arrangements

Context

The Brexit timetable is now clearly set out with a transition period ending in December 2020. The terms of a potential EU-UK trade deal are still to be defined, however any agreement would be mainly focused on goods.

Regarding the financial sector, equivalence arrangements will most likely be the basis for future EU-UK relations. Following concerns expressed by the UK and some other third-countries about the insufficient predictability of these arrangements and their alleged politicization, the Commission made proposals in July 2019 for improving equivalence processes notably in terms of transparency.

Some UK stakeholders have since reiterated requests for more “structured” processes for the withdrawal of equivalence and a more principles-based approach, which have so far been rejected by the EU. Timing is another issue. As of September 2020 equivalence assessments have not yet been concluded. The Commission has warned that its decisions would be guided by how far Britain wants to deviate from EU rules. The extension to mid-2022 of access to UK-based CCPs is however being considered.

Contributions to the policy debate

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)