The cross-border regulation of financial services after Brexit: What role for the equivalence regime?

Published in 
CEPS Conference room Place du Congrès 1 - 1000 Brussels

After Brexit the UK financial industry will lose access to the Single Market under the EU passport regime. However, financial providers established in the UK could still cater EU clients on the basis of equivalence decisions unilaterally adopted by the European Union. But to what extent the EU equivalence regime can alleviate the loss of passport rights for UK firms? Equivalence access is only available to certain financial activities and it can be withdrawn by the European Commission.

Equivalence is also a moving target. Significant amendments have been recently introduced to EU equivalence rules related to the European Supervisory Authorities, market infrastructures and the prudential treatment of investment firms. This CEPS-ECMI event will discuss the effects of those reforms on the EU equivalence regime, as well as its overall role in the Brexit context. Under what regulatory and supervisory requirements the EU will grant equivalence access to the UK? To what extent will the equivalence process be linked to political and non-regulatory issues? Who, under equivalence, will supervise systemically important financial firms such as Central Counterparties (CCP) and Investment firms?



  • Almorò Rubin de Cervin, Head of Unit International Affairs, DG FISMA, European Commission 
  • Niamh Moloney, Professor of Financial Markets Law, London School of Economics
  • Jakub Michalik, Senior Officer, European Security Market Authority
  • Matthias Graulich, Board Member, Eurex Clearing AG

Moderated by:  Karel Lannoo, CEO, CEPS and General Manager, ECMI


Please do not hesitate to contact Francesco Pennesi at francesco.pennesi@ceps.eu or by phone on +32 222 93 948.