House of Commons · Written Ministerial Statement
Ministerial equivalence and exemption directions in financial services for the European Economic Area
10 November 2020 · Treasury
Proposed by John Glen Con Salisbury
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The statement discusses the laying before Parliament of eight directions under the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019
- These regulations maintain stability and openness of the UK financial services sector by granting equivalence decisions that facilitate market continuity
- The Treasury has also laid additional regulations to specify the equivalence of central counterparties in EEA States
Issue summary
The statement discusses the laying before Parliament of eight directions under the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, covering various areas of financial regulation.
Action requested
These regulations maintain the stability and openness of the UK financial services sector beyond the end of the transition period by granting equivalence decisions that facilitate market continuity and reduce regulatory burden for UK firms dealing with EEA entities. The Treasury has also laid before Parliament additional regulations to specify the equivalence of central counterparties in EEA States.
Key facts
- Eight directions cover sixteen equivalence decisions under various financial regulation areas including EMIR, CRR, Solvency II, CSDR, BMR, CRAR, and SSR.
- The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 provide powers for the Treasury to make equivalence directions before the end of the transition period.
- These decisions ensure UK firms will not be subject to increased capital requirements or other regulatory burdens due to their EEA exposures.