Forty First Report Contents


Equivalence in financial services

10.Over the last few months, the Committee has considered a number of statutory instruments which have granted equivalence to the oversight and regulatory arrangements of the EU and its institutions in the area of financial services. In several of these instruments, the UK appears to have granted equivalence unilaterally or indefinitely, while the EU has not yet completed its assessment of the UK’s equivalence (for example in relation to the regulatory regime for auditors) or has granted only time-limited equivalence (for example limited to 18 months in the case of the supervisory arrangements for central counterparties). This does not appear to the Committee to be an entirely satisfactory situation. Against this background, we wrote to HM Treasury to ask for an overview of the equivalence decisions that have been made by the UK or EU so far. We are publishing our letter and the response from the Economic Secretary at Appendix 1. We will seek a further update of this information in due course.

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