29 July 2019

Financial services: Commission sets out its equivalence policy with non-EU countries

The Commission took stock of its overall approach to equivalence in the area of financial services. The Communication also sets out how recent updates to EU legislation will ensure even greater effectiveness of the EU single rulebook, supervision and monitoring.

Valdis Dombrovskis, Vice-President for Euro and Social Dialogue, also in charge of Financial Stability, Financial Services, and Capital Markets Union said: ”Equivalence is one of our main tools to engage with third countries in financial services. It's mutually beneficial because it enables us to have a robust cooperation with our partners and to open up our markets to non-EU market players and vice-versa. Our equivalence policy has proven effective so far, and we now have even better rules in place to meet our objectives of preserving financial stability while promoting international integration of EU financial markets.”

This Communication sets out the EU's comprehensive approach and recent legislative improvements in terms of how the Commission grants equivalence to non-EU countries. It also describes how the Commission and the European Supervisory Authorities (ESAs) monitor the situation in those countries after equivalence decisions have been taken, to ensure that these continue to fulfil EU objectives and preserve financial stability, investor protection, market integrity and a level playing field in the EU. 

Full press release

Communication of 29/07/2019 on equivalence in the area of financial services

Recognition of non-EU financial frameworks (equivalence decisions)

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