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- the existing, patchy, easily withdrawn, equivalence procedures are deficient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.