EU Finance MoU Won't Include Equivalence, UK Minister Says

Law360, London (February 23, 2021, 4:35 PM GMT) -- A memorandum of understanding on post-Brexit financial services proposed by the U.K. and the European Union will not include market access assessments, Britain's City Minister said Tuesday, confirming that the agreement would instead help frame regulatory cooperation.

John Glen, economic secretary to HM Treasury, told a conference of insurers Thursday that the memorandum of understanding on financial services expected in March will be distinct from the equivalence process necessary for market access.

U.K. financial services have been hoping for equivalence decisions, which are declarations from the European Commission that a country's financial rules are as stringent as its own and so will...

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