Government White Paper on the future UK / EU relationship – financial services aspects

On 12 July 2018, the UK Government published its long anticipated White Paper on the future relationship between the UK and EU. We will shortly produce a client briefing note on the White Paper but here are some of the headlines (together with the relevant references). Financial services The UK recognises that the Single Market is built on a balance of rights and obligations, and that the UK cannot have all the benefits of membership of the Single Market without its obligations [chapter 1, para 6]. The UK can no longer operate under the EU passporting regime, as this is intrinsic to the Single Market [chapter 1, para 60]. The EU equivalence regime is not sufficient to deal with a third country whose financial markets are as deeply interconnected with the EU’s as those of the UK are [chapter 1, para 62]. The UK would seek a new economic and regulatory arrangement for financial services [chapter 1, para 49]. Given the importance of financial services to financial stability,…

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