‘Equivalence’ with the EU on financial services

Summary:

On 9 November 2020, the United Kingdom's Chancellor of the Exchequer announced the publication of a set of equivalence decisions for the EU and European economic area member states. Equivalence is a system which can be used to grant domestic market access to foreign firms in certain areas of financial services. It’s based on the principle that the countries where they are based have regimes which are ‘equivalent’ in outcome.

This Insight explains equivalence and the latest developments.

• Primary Source

Official

House of Commons: Debate, 09/11/2020: Future of Financial Services (Volume 683) https://hansard.parliament.uk/commons/2020-11-09/debates/D5E911A9-1270-457F-9F6A-57AE5C272FBA/FutureOfFinancialServices

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