Equivalence in financial services legislation used to be a topic which did not provoke a lot of excitement. More recently, more questions have been raised than answers – and rightfully so. Global media outlets have followed the recent equivalence discussion with Switzerland in countless articles and the Financial Times, Bloomberg and Reuters have pointed to the impact Brexit could have on the process. All of which have led to boardroom discussions on a topic which is not necessarily new. Equivalence provisions have been a feature in EU financial services legislation since the financial crisis. To date, the European Commission has adopted close to 300 equivalence decisions for over 30 countries. So, why is something so familiar and seemingly effective being put into question now?
Read more from an article by our colleague from the financial services team here in Brussels.