The Cross-Border regulation of financial services after Brexit

After Brexit the UK financial industry will lose access to the Single Market under the EU passport regime. However, financial providers established in the UK could still cater EU clients on the basis of equivalence decisions unilaterally adopted by the European Union. But to what extent the EU equivalence regime can alleviate the loss of passport rights for UK firms? Equivalence access is only available to certain financial activities and it can be withdrawn by the European Commission. Equivalence is also a moving target. Significant amendments have been recently introduced to EU equivalence rules related to the European Supervisory Authorities, market infrastructures and the prudential treatment of investment firms. This CEPS-ECMI event will discuss the effects of those reforms on the EU equivalence regime, as well as its overall role in the Brexit context.