European Affairs Committee
The UK-EU relationship in financial services
1st Report of Session 2022-23 - published 23 June 2022 - HL Paper 21
Contents
Brexit and financial services: a brief recap
Fragmentation of the EU financial services sector
Asset and infrastructure moves
UK Government policy for the future of financial services
Explaining the lack of EU equivalence decisions
The importance of EU equivalence decisions
The impact of the ‘imbalance’ in equivalence decisions between the UK and other third countries
Chapter 3: Regulatory cooperation
Background: the UK-EU Memorandum of Understanding
The importance of the Memorandum of Understanding
Bilateral and multilateral cooperation between regulators
Political and diplomatic cooperation
Chapter 4: Regulatory reform and divergence
Box 1: The role of the UK regulators
The Future Regulatory Framework Review
Scrutiny and accountability of regulators
Regulatory alignment and divergence
Table 1: Status of selected UK financial services regulatory reforms, May 2022
Box 2: Data adequacy explained
Approaches to securing market access
Summary of conclusions and recommendations
Appendix 1: List of Members and declarations of interest
Evidence is published online at https://committees.parliament.uk/work/6514/ukeu-relationship-in-financial-services/publications/ and available for inspection at the Parliamentary Archives (020 7219 3074).
Q in footnotes refers to a question in oral evidence.