European Union Committee
Brexit: the future of financial regulation and supervision
11th Report of Session 2017-19 - published 27 January 2018 - HL Paper 66
Contents
The future of financial regulation and supervision post-Brexit
Chapter 2: The origins of regulation and supervision
A multi-level regulatory system
Box 1: International standards setters
Box 2: EU legislation granting passporting rights
International standards and the EU
The distinctiveness of the UK’s regime
The UK’s role in shaping standards
Conclusions and recommendations
Risks of divergence from international standards
Conclusions and recommendations
Chapter 3: Incorporating the EU acquis in financial services
Incorporating the Lamfalussy framework
Box 3: The Lamfalussy architecture: level 1, 2, 3, and 4 financial services regulation
Conclusions and recommendations
Conclusions and recommendations
Chapter 4: Possibilities for a transition period
The Committee’s letter to the Chancellor of the Exchequer on the need for a transition
The need for a transition and implementation period
Conclusions and recommendations
Making and averting contingency plans in financial services
Timing and form of an agreement
Conclusions and recommendations
Chapter 5: Alignment and market access
Developments in the Government’s negotiating position
Equivalence and its limitations
Table 1: Third country equivalence provisions
Conclusions and recommendations
Political possibilities for a free trade agreement
Mutual access and alternatives to equivalence
Conclusions and recommendations
Divergence and the architecture of market access
Conclusions and recommendations
Chapter 6: Supervisory cooperation
The terrain of supervisory cooperation
The challenges and opportunities of joint supervision: CCPs
Conclusions and recommendations
Chapter 7: Regulatory innovation, FinTech and the future
Areas where autonomy would be desirable
Conclusions and recommendations
Regulatory burdens on smaller firms
Conclusions and recommendations
Conclusions and recommendations
The future role for UK regulators
Conclusions and recommendations
Summary of conclusions and recommendations
Appendix 1: List of Members and declarations of interest
Appendix 4: Correspondence with the Chancellor on transition
Appendix 5: The impact of Brexit on the financial services sector
Evidence is published online at https://www.parliament.uk/financial-regulation-supervision-inquiry-lords and available for inspection at the Parliamentary Archives (020 7219 3074).
Q in footnotes refers to a question in oral evidence