Draft Political Declaration setting out the framework for the future relationship between the EU and the UK

On 22 November 2018, there was published the draft Political Declaration setting out the framework for the future relationship between the EU and the UK. Amongst other things, the Political Declaration considers the future of cooperation in the financial services sector: the UK and the EU are committed to preserving financial stability, market integrity, investor and consumer protection and fair competition, while respecting each other’s regulatory and decision-making autonomy, and their ability to take equivalence decisions in their own interest. They also agree to engage in close cooperation on regulatory / supervisory matters in international bodies; as both the UK and the EU have equivalence decision-making processes in place, both the UK and the EU should begin assessing equivalence with respect to each other as soon as possible following Exit day – to conclude the assessments before June 2020; both the UK and the EU recognise that close regulatory and…

Read more detail on Recent Banking and Finance Law posts –

This entry was posted in Banking and Finance law and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply