On 4 April 2018, the European Parliament’s Economic and Monetary Affairs Committee published a draft report on relationships between the EU and third countries concerning financial services regulation and supervision. The draft report contains a motion for a European Parliament resolution which amongst other things argues that the EU’s process for granting equivalence lacks certainty and sufficient transparency. It also calls for the European Parliament to scrutinise equivalence decisions in the area of financial services including that the institution should be consulted before any equivalence decision is withdrawn. The draft report will be reviewed in further committee meetings. It is expected to be voted on by all MEPs in September 2018.
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