2 - Equivalence decisions in this table made by the European Union before the end of the Transition Period are retained EU law and form part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. EU Equivalence The use of the term ‘equivalence’ in EU fi nancial services regulation generally does not imply this ... decision making with the relevant EU bodies, and provides the EU with an ongoing ability to monitor third country access to the Single Market. Source link EU's 'really aggressive' stance leads to pivot on City of London finance deal – Prime News Now The Commission has taken over 280 equivalence decisions with regard to over 30 countries so far. “This feels like open commercial and financial warfare between EU and UK,” David Buick, a longtime UK financial commentator, wrote on Twitter. If the EU does not grant financial services equivalence, banks in the UK would have to operate with poorer access to EU markets. Found inside – Page 54On the one hand, the Commission was granted specific powers to adopt decisions to recognise equivalency. If the recognition of equivalency is legally ... Found inside – Page 134The objectives of Solvency II are to deepen integration of the EU ... the European Commission with the power to make binding equivalence decisions about ... By Hayley McDowell UK central clearing counterparties (CCPs) have been granted equivalence by the European Commission for 18 months from January 2021 as the Brexit transition period ends. Most equivalence decisions are made and can be withdrawn at the discretion of the European Commission and contain no reference to withdrawal mechanisms or timelines. … Found inside – Page 410The EU 'equivalence' system is already based on the third country ... posed by the extent to which the EU retains discretion over equivalence decisions. Firstly, the scope of EU equivalence is limited and patchy. On January 27, Allison Herren Lee, the acting chair of the Securities and Exchange Commission, announced the European Commission’s adoption of an equivalence decision… Found insideThus, financial regulation has not only converged in the EU, but also in the ... by the European Commission and equivalence decisions are adopted per third ... The Commission has taken over 280 equivalence decisions with regard to over 30 countries so far. However, during the negotiations it was expected that a deal would have made equivalence more likely than under a … On 3 June 2020, the European Securities and Markets Authority (ESMA) published two Opinions clarifying how European Union investment firms trading financial instruments on third-country trading venues (TCTVs) should, from 3 October 2020: 1. equivalence decision for each provision in relation to both the UK and other third countries. Found inside – Page 215Where there is no equivalence decision by the EU—or where such decisions have been withdrawn—Member States may authorise third-party investment firms to ... 1. The consequences of Switzerland’s lost equivalence status. Found inside – Page 116In November 2017, the news agency Reuters reported that all looked set for positive decisions on the equivalence of the Swiss and USA stock exchanges.31 ... Found insideDombret, A. (2016) What Does Brexit Mean for European Banks? ... European Commission (2017) EU Equivalence Decisions in Financial Services Policy: An ... European Union, United Kingdom June 30 2021. The European Commission (EC) also adopted on 21 September, in the context of the end of the transition period under the Withdrawal Agreement between the EU and the UK, an equivalence decision determining for a limited period of time, that the regulatory and supervisory framework applicable to CCPs established in the UK is equivalent. Whilst the UK has made more positive noises about equivalence decisions and the issues faced by the market, the lack of an equivalence decision from the EU makes it less likely that the UK will unilaterally deem the EU equivalent or disapply the share trading obligation in respect to certain shares. 265 Equivalence is also a condition for a third-country trading venue to access an EU trading venue: in this case, equivalence will be determined in a Commission decision… By way of example, an equivalence decision could allow EU banks to treat a loan given to a company in a third country in the same way as a loan given to a company in the EU; absent such an equivalence decision, banks would from … Found inside – Page 54For non-EU insurance undertakings, it applies the rule called “equivalence decisions”: this rule recognises that the supervisory regime for insurers in ... Statements First published: 09/11/2020 Last updated: 09/11/2020. The UK offered concessions with an EU equivalence decision and a less restrictive approach to its share trading obligation in November. The EU has only granted two temporary equivalence decisions for clearing and settling trades for Britain. The consequences of Switzerland’s lost equivalence status. Found inside – Page 384Commission Staff Working Document , EU equivalence decisions in financial services policy : an assessment , EUROPEAN COMMISSION ( Feb. Found inside – Page 166examining equivalence-based regulation in relation to third country GAAP, ... European Commission as exclusive equivalence assessor or decision-maker, ... Failure for the EU and UK to reach an equivalence agreement post-Brexit has been controversial, especially as the Brexit transition ended at the start of this year. Equivalence is the process of determining whether a country’s food safety inspection system achieves the Food Safety and Inspection Service's (FSIS) appropriate level of public health protection as applied domestically in the United States (US). That’s their decision for them to take,” Jon Cunliffe, a BOE deputy governor told journalists at the same July press conference. Found insideIn the absence of third-country equivalence rules, UK firms will have a limited ... The EU adopted no equivalence decision for alternative investment funds, ... On 20 January 2021, the European Commission published for a four-week public consultation draft equivalence decisions for Australia, Brazil, Canada, Hong Kong, Singapore and the US concerning risk management requirements for transactions in non-cleared OTC derivatives under Regulation (EU) No 648/2012 of the on OTC derivatives, central counterparties and trade repositories (EMIR). Found inside – Page 135... interfering significantly in the equivalence decisions process. The EU Commission adopted a prudential and gradual approach on 21 September 2020 ... The European Commission adopted two "adequacy" decisions recognizing U.K. data protection laws as equivalent with EU laws. Equivalence decisions are a core element of the Commission’s international strategy for financial services and provide benefits for both EU and third-country financial markets. EU financial services law includes approximately 40 provisions that permit the Commission to adopt equivalence decisions, although not all of these… Found inside – Page 246The European Union adopts a mutual recognition approach based on equivalence decisions. The EU Proposal does have extraterritorial effects. explained in the Commission Staff Working Document ‘EU equivalence decisions in financial services policy: an assessment’ (SWD) published on 27 February 2017: ‘Equivalence decisions in a few areas may enhance the possibilities of doing business in the EU (e.g. Found inside – Page 88From the moment the United Kingdom exits the European Union, ... allow the European Commission to take the so-called “equivalence decisions” by which third ... Take data for example. However, during the negotiations it was expected that a deal would have made equivalence more likely than under a … "The European Commission told member states on Thursday that the equivalence decisions won't be ready from Janu ary 1," said the EU diplomat, who took part in the closed-door briefing. 6 The responsibility for the supervision of CCPs in the United States is shared between the SEC and the CFTC. The European Commission may decide about the equivalence of a third country's solvency and prudential regime towards avoiding unnecessary duplication of regulation. 2021-08-06. in Politics. MiFID II and the Importance of Equivalence Decisions A. FCA responds to Treasury announcement on equivalence. The United States has an “ equivalency arrangement” with the E U . 3 Recital 6, Commission Implementing Decision (EU) 2021/85. Both moves were not reciprocated by the EU. “We’re very prepared for an open relationship based on outcome-based equivalence. HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU. Key Points: • Post-Brexit, HM Treasury will take on the role of making equivalence decisions under onshored EU financial service legislation, but the power to make such decisions will only apply after exit day. (2) Agreement on the withdrawal of the United Kingdom of Great Br itain and Nor ther n Ireland from the European Union and the European Atomic Energy Community (OJ C 384 I, 12.11.2019, p. 1). EU decision on equivalence set to heighten UK post-Brexit fears. Pursuant to Article 95(1) and Article 95(7) of the BPR, ECHA is required to publish and update the list of relevant substances and suppliers on the ECHA website. This refers to the EU’s power to grant market access to financial firms from non-Member States if it concludes that the country’s home rules are equivalent or very close to EU rules. The US equivalence decisions means firms can move business to New York if necessary when the temporary UK equivalence ruling expire in 18 months time — a halfway house towards more lasting change. Subject to change. June 2021. The equivalence criteria for trading venues for derivatives have been specified in more detail and strives at achieving effective equivalence. the European Insurance and Occupational Pensions Authority (EIOPA)), assesses whether the third country’s regulatory/supervisory regime for a particular area is equivalent to that of EU law. (1) OJ L 201, 27.7.2012, p. 1. What about equivalence? The US equivalence decisions means firms can move business to New York if necessary when the temporary UK equivalence ruling expire in 18 months time — a … one or more of the European Supervisory Authorities (European Banking Authority (EBA), European Securities and Markets Authority (ESMA) stronger, monitoring and reviews of equivalence decisions more regular, and EU legislation will apply directly”. This refers to the EU’s power to grant market access to financial firms from non-Member States if it concludes that the country’s home rules are equivalent or very close to EU rules. Found inside – Page 75This complicated the equivalence decisions to be taken by the Commission, following the advice of the European Occupational Pension and Insurance Authority. It is in these instances that the EU can decide on equivalence (although not all of the provisions have been used yet). This means that as long as the terms of the arrangement are met, organic prod ucts certified to the USDA organic or European Union (EU) organic standards may sold, labeled, and represented as organic in both countries. 1 - The Table sets out the UK Equivalence decisions which, as at 04/01/2021, are active in UK Law. MiFID II Update – Non-EU Trading Venue Equivalence for Transparency and Position Limits. The Treasury has announced its intention to take equivalence decisions in respect of the European Economic Area (EEA) states across a number of financial services areas. Official publication has been made of Commission Implementing Decisions 2021/1272 and 2021/1273, establishing the equivalence of COVID-19 certificates issued by the Vatican City State and San Marino, respectively, to the EU Digital COVID Certificate. Pursuant to the UK/EU Withdrawal Agreement, the UK has also established an equivalency framework and in November 2020, the UK Treasury published an overview of UK equivalence decisions that would apply on 1 st January 2021. Found inside – Page 111... the exit from the European Union, if too deregulation-oriented, could even prompt the EU Commission to deny its equivalence decision in certain cases; ... Found inside – Page 162Formally, the Directives leave the decision on equivalence in the hands of individual competent authorities but provide for the Commission to adopt ... The Biocidal Products Regulation (EU) No 528/2012 (BPR) list of relevant substances and suppliers. Over time, EU laws developed a system to allow market access for firms based outside the an equivalence decision is a unilateral and discretionary act of the EU, conducted and concluded by the Commission, in accordance with the EU’s priorities and the interests of EU financial markets; the Commission attaches utmost importance to taking a proportionate view on the risks implied by the third-country frameworks under assessment. Found inside – Page 246Towards a More Resilient Financial System in Europe Dieter Pesendorfer ... EC 2017a, 'EU Equivalence Decisions in Financial Services Policy: An Assessment', ... “The European Commission told member states on Thursday that the equivalence decisions won’t be ready from January 1,” said the EU diplomat, who took part in the closed-door briefing. Found inside – Page 170EU Council Regulation 2003/2201/EC of 27 November 2003 concerning ... (no date[b]) Recognition of non-EU financial frameworks (equivalence decisions). 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