Position paper on further development of the EU equivalence regime
The decision of the UK to leave the EU entails the need to qualify an entire EU submarket as a third country at once. The existing EU equivalence rules have so far only been anchored sectorally in EU legislation.
The Association of German Banks (BdB) therefore advocates a comprehensive, long-term review of the existing EU equivalence regime in the next parliamentary term.
Furthermore, taking into account the challenging time constraints of Brexit, the BdB would recommend that all existing equivalence rules be applied to the benefit of the UK, provided that the UK has not announced any deviation from EU law.