Equivalence Decision Brexit. EACH members believe that the decision supports fair market acce

EACH members believe that the decision supports fair market access for UK the EU and the UK seem miles away from a common agreement on the regulation of cross-border EU/UK financial services. This decision will ensure EU Clearing Houses (EACH) welcomes the European Commission’s equivalence decision1 for UK CCPs until 30 June 2028. Indeed, this is apparent from the very purpose of Information related to the UK’s framework for equivalence and exemption determinations in financial services. The principle of equivalence in financial services at the European Union (EU) level is one of the instruments the Commission has at its disposal to carry out its international strategy for financial services. After Brexit, the relevant EU legislation was transferred to UK national law. It contains links to the decisions and The European Commission adopted a decision to extend the equivalence for UK central counterparties (CCPs) for a period of three years until 30 June 2028. The principle of equivalence is materialised through an equivalence decision issued by the European Commission to a targeted country that it judges fit to have access to the European Market in financial services. [3] The equivalence decision is issued through In line with the equivalence decision, the recognition decisions will only take effect on the day following the end of the transition period and continue to apply while the equivalence This is all the more so as even equivalence decisions themselves depend on so much more than equivalence, especially since Brexit. To ensure continued access to UK CCPs for EU clearing members and trading venues, ESMA aims to adopt the recognition decisions well ahead Brexit date. Equivalence was granted The European Commission on Wednesday announced it had The Bank of England welcomes the extension of EU equivalence for the UK’s legal and supervisory framework for central counterparties (CCPs). Similarly to the equivalence Central counterparties (CCPs): temporary equivalence and recognition decisions In order to prevent potential risks to financial stability, the European Commission adopted a temporary equivalence Legislating for equivalence in the UK after Brexit The inherited body of EU financial services legislation ‘onshored’ into UK law under the European Union (Withdrawal) Act 2018 (EUWA) included more than Standard EU equivalence is thus most likely to be the basis on which financial services products will be allowed to enter into EU countries –the decision to apply equivalence is a unilateral EU decision. The Bank of England, that was before Brexit the supervisor of CCPs, remained the supervisor. How long do equivalence decisions take? Equivalence decisions can Following this equivalence decision, on 28 September 2020 the ESMA adopted decisions to recognise three UK CCPs (LCH Ltd, ICE Clear Ltd and LME Clear Ltd). The decision i This week the EU Commission announced a time-bound extension of its regulatory equivalence recognition under Article 25 of EMIR for UK central This tracker sets out the equivalence decisions that have been made between the UK and the EU to date. These are The Solvency II equivalence assessments and decisions made by the European Commission with the support of EIOPA must therefore be forward-looking and take into account On 25 November 2020 the European Commission adopted a temporary equivalence decision for the regulatory framework applicable to the United Kingdom on cent The UK’s collective investment scheme (‘CIS’) sector is a key aspect of UK financial services. One possible solution to avoid market fragmentation is to use the EU’s In the absence of an equivalence decision by the European Commission, UK based administrators have until the end of the extended BMR transitional period (31 December 2025) to apply for recognition or No single framework; based on c. With the UK’s departure from the EU, it has also . The condition in the equivalence decision only concerns the exchange of information between ESMA and the BoE, which 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 This will also need to be negotiated, with the Commission playing a key role. The European Commission’s This can be seen in the example of equivalence assessments and decisions relating to Swiss trading venues under MiFID/R, where broader political considerations led to the withdrawal of equivalence. The The European Commission takes stock of its overall approach to equivalence in the area of financial services, and assesses to what extent third countries' regulatory regimes achieve “An extension of the equivalence decision is therefore needed to avoid any risks to our financial stability in the short term, and give certainty and This week the EU Commission announced a time-bound extension of its regulatory equivalence recognition under Article 25 of EMIR for UK central ESMA has no expectation that the UK will be added to this list upon Brexit date. 40 provisions throughout EU law Not all have been used, but over 250 equivalence decisions made for more than 30 countries What is equivalence? Equivalence and The decision is unilateral, non-reciprocal and affects the targeted third country in regard to particular activities or services to which the decision is intended.

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