The European Parliament has published a briefing entitled ‘Third-country equivalence in EU banking legislation’. The briefing focuses on the difference between passporting rights and third-country equivalence rights and also includes a summary of existing equivalence clauses in some key EU financial services legislation. The briefing includes a brief reference to the impact of Brexit on the right of financial services firms to benefit from the EU passport for financial services, quoting the UK’s Trade Minister’s call for a hybrid version of passporting. The briefing also includes a short paragraph on the process for assessing equivalence.