Monday’s UK Government “presentation” on post-Brexit financial services regulation really just repeats the whitepaper issued in July although it clarifies that decisions on (non-)equivalence would not be a matter for independent arbitration and would be a unilateral decision. In short, it emphasises that:

  • the UK-EU27 financial services relationship is mutually beneficial
  • the existing, patchy, easily withdrawn, equivalence procedures are deficient
  • we need a comprehensive equivalence regime reflecting the fact that as of now they are identical
  • the recent EU-Japan deal is a good precedent
  • we need a structured withdrawal process over a sensible timeframe.