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.
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