Krautscheid: Transparency and dependability of equivalence regime for financial services of key importance

23 November 2018

“Equivalence regimes for financial services are quite rightly no substitute for today’s EU passporting,” Andreas Krautscheid said today, commenting on the draft political declaration accompanying the agreement on the withdrawal of the United Kingdom (UK) from the European Union (EU). “So it’s all the more welcome that the EU is seeking a close dialogue between lawmakers and regulators with the aim of making equivalence decisions more transparent and dependable. This is the only way that equivalence will be able to offer financial institutions and their customers the necessary level of stability and planning certainty. It is nevertheless important to ensure that the UK isn’t granted a de facto veto on EU regulation. And it will also be essential to respect the principle of mutual recognition so that German and European banks operating in the UK aren’t placed at a disadvantage there. It’s clear, too, that we need to see the Brexit agreement finalised in its entirety on Sunday.”

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