Comment: Brexit and PE - where are we now?
EU law ceased to apply in the UK on 31 December 2020, with the UK and EU putting in place a hard negotiated free trade agreement (FTA). As is well known, the FTA did not include any concrete commitments relating to mutual market access in relation to financial services, and did nothing in the realm of equivalence decisions.
Equivalence decisions in principle further the UK’s access to the EU across a range of current EU Directives which provide for access to third country firms, as and when the EU determines that the relevant jurisdiction has equivalent regulation and supervision in the relevant field.
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