The uk-eu relationship in financial services

Summary 3
Chapter 1: Introduction 
7
This inquiry 
7
Financial services in the UK 
8
Brexit and financial services: a brief recap 
9
What the trade data says 
11
Job and business moves 
13
Fragmentation of the EU financial services sector 
16
Asset and infrastructure moves 
17
UK Government policy for the future of financial services 
18
Chapter 2: Equivalence 
21
Background 21
The state of play 
22
UK equivalence decisions 
22
EU equivalence decisions 
23
Explaining the lack of EU equivalence decisions 
24
The importance of EU equivalence decisions 
25
The impact of the ‘imbalance’ in equivalence decisions between 
 
the UK and other third countries 
27
Chapter 3: Regulatory cooperation 
30
Background: the UK-EU Memorandum of Understanding 
30
The importance of the Memorandum of Understanding 
31
Bilateral and multilateral cooperation between regulators 
33
Political and diplomatic cooperation 
34
Chapter 4: Regulatory reform and divergence 
36
 Onshoring of EU legislation 
36
Box 1: The role of the UK regulators 
37
The Future Regulatory Framework Review 
38
A competitiveness objective 
38
Scrutiny and accountability of regulators 
40
Regulatory alignment and divergence 
41
Table 1: Status of selected UK financial services regulatory