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Global regulatory coordination

Current topics - Economic and stability challenges

Global regulatory coordination

Context

Brexit has been a relatively smooth process in the financial sector thanks to the preparation of the financial industry and the cooperation of the EU and UK regulatory and supervisory authorities over the last few years.

Case-by-case equivalence arrangements are due to be the basis for future EU-UK relations, but so far only UK-based CCPs have benefitted from a temporary recognition of equivalence. Going forward the Memorandum of Understanding (MOU) in the process of being agreed between the EU and the UK should facilitate regulatory and supervisory cooperation between the two jurisdictions.

Now that firms have adapted to the new Brexit environment, there is however less demand on the industry side for reaching EU-UK equivalence agreements.

In addition, the insufficient predictability and alleged politicisation of these arrangements continues to be criticised by the industry, despite the improvements that were put in place in 2019 by the European Commission for enhancing their transparency.

Pending questions related to Brexit include the extent of future divergence between EU and UK legislations, as the UK reviews rules to adapt them to its needs and the future of delegation arrangements notably in the asset management sector. How the EU financial sector will evolve in the post-Brexit context and whether further initiatives are needed beyond the CMU and Banking Union for strengthening and further integrating the EU financial sector is a further question.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Eurofi policy notes

Optimizing third-country approaches in the financial sector: the challenges of Brexit - April 2020

Financial policies for dealing with third-countries - September 2019

Brexit: what way forward less than 1 year from the Article 50 deadline? - April 2018

Panel discussion summaries

Global financial and regulatory fragmentation - Ghent High Level Seminar - February 2024

EU-Latin America: areas of cooperation - Santiago de Compostela Financial Forum - September 2023

Post-Brexit regulatory divergence: potential magnitude and impacts - Prague Financial Forum - September 2022

EU-UK relations: what future perspectives and impacts on their financial sectors - Ljubljana Financial Forum - September 2021

Global financial fragmentation: can progress be made? - Lisbon Virtual Seminar - April 2021

Nearly 4 months after Brexit: where do we stand and future prospects - Lisbon Virtual Seminar - April 2021

Can the EU manage without the City and how will financial services regulations with third countries evolve post-Brexit? - Berlin Financial Forum - September 2020

How to enhance financial policies for dealing with third countries (equivalence, supervisory cooperation…) ? - Helsinki Financial Forum - September 2019

Latest Brexit developments and future of EU-UK relations in the financial sector - Helsinki Financial Forum - September 2019

Eurofi Views Magazine chapters

Speech - September 2024 new

Jean-Paul Servais - Chair of the Board, IOSCO

Global financial and regulatory fragmentation - February 2024

Richard Knox - HM Treasury | Christoph König - Swiss Federal Department of Finance (FDF) | Markus Ronner - UBS Group AG | Sadia Ricke - Standard Chartered Bank | Hideo Kawafune - SMBC Bank EU AG | Michael Jefferson - Amazon Web Services (AWS)

Enhancing global cooperation - September 2023

Andrew Griffith - HM Treasury | Alejandro Perez - BNY Mellon