Equivalence Decisions in the EU and UK Financial Services Sectors Post-Brexit

Research output: Contribution to journalArticlepeer-review

Abstract

Financial services are largely left out of the EU-UK Trade and Cooperation Agreement that was reached at the end of December 2020. The issue of cross-border market access for financial services firms based in the EU and in the UK could be resolved by the adoption of mutual equivalence decisions. The UK made a number of equivalence decisions pre-Brexit to allow EU-based financial services firms access to the UK market. The EU has not reciprocated. Consequently, UK-based financial services firms have moved business into the EU to maintain client access. The article discusses advantages and disadvantages of the EU and the UK’s different strategies as regards market access and whether equivalence decisions in the area of financial services can be used to build up a trustful relationship between the EU and the UK post-Brexit.

Original languageEnglish
Pages (from-to)463-476
Number of pages14
JournalEuropean Business Law Review
Volume33
Issue number3
Publication statusPublished - 2022

Swedish Standard Keywords

  • Business Administration (50202)

Keywords

  • Brexit
  • Equivalence decisions
  • Financial services regulation
  • Joint uk-eu financial regulatory forum
  • Market efficiency
  • Market relocation
  • Post-brexit regulation
  • Pre-brexit regulation
  • Singapore-on-thames
  • Systemic risks

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