The European Parliament has published a resolution on the proposed mandate
for negotiations for a new partnership with the UK. The resolution
will be submitted to the Council and the Commission, as well as the
governments and parliaments of Member States and the UK.
In the area of equivalence in financial services, the resolution
considers that (i) market access should be based on equivalence
decisions, provided that the EU is satisfied that the UK regulatory
and supervisory regime continues to be fully equivalent to those of
the EU, and (ii) that once equivalence has been granted to the UK,
an effective mechanism is put in place to guarantee that
equivalence is maintained over time. The resolution further states
that any future framework should safeguard financial stability in
the EU and respect its regulatory and supervisory regime and
standards, while maintaining the EU regulatory and decision-making
autonomy.
