Featured Product

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    January 14, 2021

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU. in general, the table provides an overview of the equivalence decisions for various jurisdictions worldwide, including Australia, Brazil, Canada, China, European Economic Area, Hong Kong, Japan, New Zealand, Singapore, South Africa, Taiwan, Thailand, and the United States. The table was initially published in November 2020 as an annex to the guidance/policy paper on the UK's equivalence framework for financial services. The guidance on the equivalence framework of UK explains how the UK intends to use equivalence framework as one of the key mechanisms to facilitate cross-border financial services transactions and market access.

    The EU Withdrawal Act 2018 converted the applicable EU legislation into UK law and this legislation came into effect from the end of the transition period on December 31, 2020. The conversion of EU legislation includes nearly 40 equivalence and exemption provisions. The guidance document outlines the principles and processes that govern the equivalence framework of UK. In particular, the document highlights the commitment of UK to an outcomes-based model of equivalence, which operates in a transparent manner, providing predictability and stability over time to UK industry, overseas jurisdictions, and firms. In the equivalence framework of UK, the role of EC in making equivalence determinations for overseas jurisdictions has been replicated and transferred to HM Treasury. BoE, PRA, and FCA (collectively, the financial services regulators) are responsible for providing support to HM Treasury on matters relating to their regulatory functions. This includes the provision of information or advice to HM Treasury in connection with any consideration of equivalence or exemption determinations. Annex to the guidance on equivalence framework of UK also includes a table explaining the lead regulators for the decisions for each EU-retained legislation.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Equivalence Regime, Equivalence Decisions, Post-Brexit, HM Treasury

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514